BTC Could See a “Rug Pull” as Large Bids Fail to Propel Price Higher
Yesterday evening some large buyers stacked notable bids around $8,800.
Shortly after this, BTC made a fleeting move past $9,000 before once again declining, signaling that the crypto could be poised to see a “rug pull.”
“Waiting to see how price reacts on those added bids… If price doesn’t go up, this might be microselling and a potential rug pull,” one popular trader Earn Free Bitcoins noted.
Although BTC did see a tempered reaction to these bids, the potential removal of them could still cause the crypto to decline further.
It’s been an explosive past few weeks for Bitcoin. The cryptocurrency, which traded in the $6,000s at the start of April, traded as high as $9,500 last week.
While the ongoing rally has stalled in the $8,000s, with BTC holding at $8,800, multiply your bitcoins analysts expect upside.
Backing this sentiment is a confluence of technical and fundamental signs showing that bulls likely have the upper hand in the Bitcoin market.