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Crypto Market Recovered: Is this a Rebound or a Bull Trap?
The crypto market has made a strong comeback in the past 24 hours, with a significant jump of 7.19% to $2.84 trillion in its market cap. Bitcoin’s impressive 7.76% surge to $85,820 has sparked discussions on whether this marks a true recovery or a potential bull trap before another correction.
Bitcoin’s dominance stands at 60.06%, reinforcing its stronghold, but the Fear & Greed Index remains at “Fear” with a score of 20, suggesting that traders are still cautious about investing heavily in the market. The index has not yet reflected any significant change in investor sentiment, and the volume of trades remained nearly unchanged at $149.17 billion.
Despite this impressive jump, it is crucial to consider whether this is just a rebound or a bull trap. A rebound would indicate a sustained recovery, whereas a bull trap could be followed by another sharp correction.
The news around Donald Trump hosting the 1st crypto summit at the White House on March 7 has likely contributed to the market’s upward momentum. This development has raised hopes that increased regulatory clarity and potential mainstream adoption may be on the horizon.
Source: https://coinpedia.org/news/crypto-market-recovered-is-this-a-rebound-or-a-bull-trap/
