Bitcoin price is preparing to close in double digits the next day after briefly dipping to $19,000. The leading crypto surprised the market by rallying 15% on September 9. But as always, crypto investors are worried that the rally is a bull trap. Binance CEO CZ gave an important response today that answered the reservations.
What happened in Bitcoin?
Bitcoin (BTC) has surpassed $20,000 as a much anticipated “short squeeze” took place on September 9. Data from TradingView showed that the BTC price rose by as much as $2,700, reaching its highest level since August 26. After weeks of gaps punctuated by repeated downward moves, Bitcoin finally gave the bulls what they wanted.
According to data from Coinglass, $198 million worth of positions have been liquidated in the crypto futures market in the past 24 hours. Anticipating that the decline will continue, crypto traders took short positions unaware of the upcoming rally. However, the surprising rally has many crypto investors worried about the possibility of a bull trap. Binance CEO CZ confidently responds to these concerns.
Binance CEO answers investors’ ‘bull trap’ concerns
“I hope you didn’t panic sell” was CZ’s first tweet about the Bitcoin rally. On top of that, one of his followers hinted that the danger remains in the short term. CZ responded to this comment saying it would never be clear. Changpeng Zhao, one of the well-established names in the market, states that the possibility of a bull trap is still on the table.
It’s never clear.
— CZ 🔶 Binance (@cz_binance) September 9, 2022
