BTC’s Post-High Bull Trap, $12B BlackRock Bet Rattles ETH Supply: Best Crypto To Buy Now?

BTC experienced significant volatility after setting a new all-time high. The price quickly reversed, signalling a possible bull trap, leading everyone to question, what is the best crypto to buy now? In all likelihood, BTC is set to experience sideways consolidation for a while within the $116 to $124k range.

Bitcoin

Price

Market Cap

BTC

$2.35T

24h7d30d1yAll time

Bulls pushed BTC to a new peak of $124.4k, but heavy selling pressure ensued and trapped late entrants. It is now back in the 118k range. Maintaining this level is important for the bull cycle to remain in effect. A rebound from the 118k level is a sure sign that the bullish trend will continue.

On the four-hour chart, BTC’s recent moves reflect a classic liquidity sweep. It broke through its previous all-time high, triggering breakout buys and stop-losses, only to reverse sharply.

(BTCUSD)

It then followed up by sharply declining below the previous swing low.

Currently, BTC is trading between the range of 116k to 124k. Without a convincing breakout, analysts are expecting the price action to remain volatile.

Do you see the current $BTC chart structure after the fourth halving? It’s moving in a steady straight line, unlike the parabolic curve structures of the past. This is BlackRock and other institutions, with their algorithms, controlling the price. Instead of the parabolic moves… https://t.co/OJSa5xjFJb pic.twitter.com/CRPLFCfqLw

— RG8

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