Is the weakness of Bitcoin after the 'Elon Musk pump' hinting at a bull trap?
Bitcoin is slowing down and weakening on-chain metrics are forcing traders to turn cautious in the short term. The price of Bitcoin (BTC) is showing overall weakness as it struggles to establish $34,000 as a support level. Overall, BTC appears to be stagnating without signs of a short-term relief rally, leading traders to be cautious.One concerning trend is that the volume of Bitcoin has been stagnating along with its price, apart from the “Elon pump” on Jan. 29. This trend indicates that there is an overall drop in buyer demand since the $42,000 top despite BTC hovering in the low $30,000....
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