- Bitcoin bounced off a new local low at $24,920 to create a $1,000 short squeeze.
- Several members of the Crypto Banter community do not trust this price pump.
- From a daily chart perspective, most coins still sit in the red zone.
Bitcoin bounced off a new local low at $24,920 to create a $1,000 short squeeze, and Kyle of Crypto Banter thinks it is a significant move that could impact Bitcoin traders’ behavior. According to Kyle, several members of the Crypto Banter community do not trust this price pump. Most of them consider it a bull trap.
In a recently uploaded video, Kyle showed many crypto posting significant gains in the one-hour timeframe. However, from a daily chart perspective, most coins sit in the red zone. The Crypto Banter host noted that traders need to be careful during such moments to avoid being trapped on the wrong side of the trade.
Kyle referenced a post by Ryan Selkis, a crypto analyst on X (formerly Twitter), who said the crypto market is approaching maximum pain. According to Selkis, the bear markets last longer and go deeper than traders want. Hence, there is a need for a couple of capitulations, then “chop, and rebirth.” The an…