Is There a “Bull Trap” After the ‘Elon Musk Pump’?
The price of Bitcoin is showing overall weakness as it struggles to establish $34,000 as a support level. Some investors start to worry about Bitcoin’s price falling into a bull trap after ‘Elon Musk pump’. However, the price has found strong support at the $32,000 level while rallied rapidly after reaching the 240-day simple moving average. Therefore, it is expected that Bitcoin is still on the bullish trace.
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