Bitcoin Bulls Very Close To Giving Up

Bitcoin led traders into thinking it was going to shoot higher after a bullish daily close. However, it ended up to be another fake move and the market is now eyeing further downside after the market makers and whales pulled the rug and ran some stops. This whole move was fueled by Tether (USDT) injections and for that reason alone it is not sustainable. The bears have been made to experience maximum pain over and over again. This is not something new. Since 2018, the bears have been the prime target of such manipulation and the bulls have been the beneficiaries.

However, to most such stakeholders in the market playing these games, it makes no difference whether it is the bulls or the bears that they prey on. Bitcoin halving was one of the most anticipated events since 2016 and now that it is almost over, we can expect the market makers and whales to turn towards the bulls and start preying on them. For years now, they have been trying to hype up Bitcoin halving to get as many people as they can to buy Bitcoin at high prices. The recent Tether (USDT) pumps gave them more reason to believe that BTC/USD could fly to the moon. Unfortunately for the majority of retail traders, it will not end well. It never does.

The cryptocurrency market is currently a ticking time bomb waiting to explode. The recent crash that happened just a few weeks back should be a clear warning to everyone in this market that blind optimism or wishful thinking could be very costly especially when it comes to Bitcoin and other cryptocurrencies. This is therefore not a time to be thinking about being long on Bitcoin as the risk is not worth the reward. The S&P 500 (SPX) has run into the 0.618 fib retracement again and is expected to remain range bound for now. However, if and when it starts to fall again, Bitcoin will follow, more aggressively this time.