Bitcoin Price Eyes $11,000 After Mnuchin Speech and Possible ‘Bear Trap’

Markets could slide lower than the recent $9,912 bottom, traders are warned, despite current upwards momentum.

Bitcoin (BTC) appeared ready to tackle $11,000 once again on July 16 after bouncing off lows as the United States government re enforced its position on the industry.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Data from Coin360 placed BTC/USD at $10,715 on Tuesday, the pair having gained $800 over the past 24 hours.

On Monday, U.S. Treasury Secretary Steve Mnuchin had given mixed signals about Bitcoin at a dedicated cryptocurrency press conference, with reactions nonetheless showing signs of broad relief about future policy. 

Previously, concerns had mounted that president Donald Trump, after a Twitter tirade last week, could attempt to force through a de facto ban on trading Bitcoin in the U.S.

Now, analysts looking for signs Bitcoin could upend its latest bearish moves have something to watch for. 

Josh Rager, the investor and trader currently giving daily updates on BTC/USD, suggested a bullish perspective should take over once the pair achieves a daily close above resistance at $11,153.

Conversely, a close below $10,191 would constitute a bearish signal, he said on Monday, while between the two levels is “neutral” territory.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Fellow regular contributor Filb Filb meanwhile also urged caution, despite Bitcoin price following his prediction of a bounce higher at $10,600.

The analyst had previously warned that lower lows were imminent in the face of a further nudge downwards for Bitcoin at the start of the week, something which did not materialize.

“I would like to see us bounce at $10,600 as a good sign that the bulls want to go higher should it come that low. Despite my bearish opening thoughts today, I need more convincing that the bulls aren’t done yet and this was not another bear trap,” he told Telegram followers.

Compared to altcoins, however, Bitcoin remains firmly on top, setting a two-year record market cap share of almost 67% as other tokens languished.

Ether (ETH) managed to avoid further losses Tuesday, trading flat at $227 following a week of heavy bearish moves.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Bitcoin Cash (BCH) and Bitcoin SV (BSV), Monday’s worst performers in the top twenty, meanwhile managed to recover some of their own losses, both rising around 8%. 

Others fared comparatively worse, with Binance Coin (BNB) and Stellar (XLM) both shedding around 1.5%.

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Author: William Suberg

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