Bitcoin analysts give three reasons why BTC price below $20K may be a 'bear trap'

Bitcoin analysts give three reasons why BTC price below $20K may be a ‘bear trap’


Bitcoin (BTC) recovered above the $19,000 mark on Sep. 20, a day after falling to its lowest level in three months.

Bitcoin struggles after dropping below $20K

On the daily chart, the BTC price rose from $18,255 to $19,650. This 7.5% price rebound mirrored similar rebound moves witnessed in the stock market, suggesting that investors have been coming to terms with another significant rate hike by the Federal Reserve expected on Sep. 20-21.

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BTC/USD daily price chart versus ACWI and Nasdaq. Source: TradingView

However, opinions differ on the longevity of Bitcoin’s rebound. Independent market analyst Jonny Moe stressed that BTC’s ongoing price action is similar to its sideways consolidation moves at the beginning of this year.

In other words, Bitcoin’s current price rebounds around the $20,000 mark do not make

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