The crypto markets are becoming uninteresting nowadays, as the majority of tokens are lagging in variation. Considering Bitcoin, after the drop from levels above $28,000, the price remains stuck below $25,800. Besides, altcoins like Ethereum, XRP, Cardano, Solana, Polygon, etc. have been sustaining above the crucial support. This suggests they are accumulating strength to trigger a healthy upswing soon.
The BTC price is stuck within a range in the hourly chart, displaying fewer price variations. The Bollinger bands are getting squeezed, which compels the price to fluctuate with bigger margins. It may not be in favour of the bulls, but the trend reversal in the RSI keeps the hopes alive. Even if the price triggers a healthy upswing, the trend could remain under bearish influence below $26,300.
Hence, the traders may remain stuck as the current trade setup displays the possibility of a bull trap, as the BTC price could face yet another rejection at these levels. However, the current pullback may prevail for long as the star crypto appears to be on its way to marking the lows of the 2022 bear market. A popular analyst, Moustache, believes the BTC price may drop to as low as $12,000 as the altcoins are displaying huge momentum.
“Friendly reminder that the Altcoin Season Index shows that altcoins are moving at the same level as in 2019/2020.
That was the time when the foundation for 100x gains was laid.
Have fun waiting for 12K Bitcoin,”