Biggest Bull Trap Awaits? Bitcoin Price To March Towards $30K?

Bitcoin (BTC), the world’s largest cryptocurrency continued its recovery rally on Thursday. Bitcoin price went on to surge by a whopping 10% over the past 24 hours, breaking the crucial $24k price level. However, this major price spike has left every investor hoping for Bitcoin to breach the $25k level but experts have some different ideas about this move.

Bitcoin Price On The Surge

Bitcoin price is up by 16% over the past 30 days as its dominant level in the digital asset market nears to 50%. BTC is trading at an average price of $24,560, at the press time. Meanwhile, Michaël van de Poppe, a crypto expert speculated that this can be the biggest bull trap he has ever seen.

He added that this can be a lesson that is determined in one direction of the market. This can trick you into giant losses and kill many portfolios. Read More Bitcoin News Here…

However, the analyst mentioned that the corrections are proportionately short lived in an upward trending market. Michaël van de Poppe suggested that higher timeframe levels get one test. After this move markets start to shoot upward. Meanwhile, if Bitcoin price breaks $25k then it might march towards the $30-35K price level.

BTC Liquidation Breaches $81 Million

As per data, an unknown whale address went on to buy $24.2 million worth of 984 Bitcoin in a single scoop. The crypto whale bought this BTC from Coinbase. Meanwhile, a few whales went to send $55 million worth 2270 BTC to different crypto exchanges in multiple transactions amid the recent price surge.

The largest transaction recorded by the tracker has been of moving 1299 Bitcoin (approx worth $31.3 million) to the Huobi crypto exchange. However, Bitcoin’s 24 hour trading volume has spiked by 33% to stand at $35.7 billion.

Coinglass data depicts that more than $81 million have been liquidated from Bitcoin over the past 24 hours. The single largest liquidation order happened on Bybit of BTC $2.5 million.