- The overall crypto market is showing a red position.
- Traders believe this could set a bear trap for Bitcoin (BTC).
- Others think the market is preparing to start its flourishing outlook for 2022.
The crypto market is showing a sharp downward position as the entire digital assets market is all red today. Because of the market downturn, traders are in serious doubt whether this could set a pullback trap for Bitcoin’s price.
Reportedly, the crypto market’s weakness seems to be at least a temporary overlook of what last year orchestrated. On the other hand, this phenomenon also means that there is a high possibility for the market to form a new reversal uptrend soon in the coming days.
Bitcoin (BTC) has experienced rigorous ups and downs, especially last year. Additionally, BTC price rallied several times after its monumental surge at the beginning of 2021. In fact, its price surge at that time gave a strong hope for traders to do more with Bitcoin.
Without exaggeration, in the history of Bitcoin, 2021 represents a year that BTC price recorded above the $57k mark, hitting over $65k. BTC’s performance was strikingly beautiful and competitive in the financial market at that time.
Nevertheless, regardless of anything that will happen this year, the Bitcoin community strongly believes that the BTC price will give an incredible performance.
Meanwhile, at press time, Bitcoin trades at $46,396.08 with a 24h trading volume of $34.50 billion. Also, it has a threshold value of over $877 billion as its market capitalization on CoinMarketCap. Furthermore, there is a presumption that the crypto market is preparing to unveil what it has for traders this year.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.