Weekend bull trap? Traders remain cautious as Bitcoin price rebounds to $18K

As Cointelegraph reported yesterday, some traders still anticipate BTC to see another drop in the near term before the rally can continue. A pseudonymous trader known as “Crypto Capo” predicted Bitcoin would see a relief rally to $18,000 as it dropped to the $16,000 region.

On Nov. 27, when the price of Bitcoin was still hovering at around $16,700, the trader said he is ready to short $18,000. Considering that the $18,200-$18,400 area remains a resistance range, the trader said: A technical analyst called “CryptoBirb” said that Bitcoin typically faces two types of correction: 15% and 30%.

Timeline of Bitcoin