Key Points

• Bitcoin Surf is actively managing liquidity in its order book, nearing a significant milestone around $120,000.

• Bid support indicates revenues might dip below $119,000 during the anticipated market retest.

• Some traders are cautioning others about possible “pump and dump” schemes that could ensnare less vigilant buyers at inflated prices.

As the trading day began on Monday for Wall Street, Bitcoin (BTC) displayed integrated profits, with analysts weighing in on price adjustments.

BTC Price Faces “Rug Pull” Warning

According to Cointelegraph Markets Pro and TradingView, BTC/USD was trading around $121,000 as the first U.S. trading session commenced. The new peak price of nearly $123,250 capped off an intense rally seen earlier in the day, reflecting a more than 10% rise for Bitcoin over the past week.

Many anticipated a pause in market movement following such rapid gains, yet there remained a sense of caution regarding trading metrics.

“Don’t trap me!” was my advisory to followers, expressing both urgency and hesitation.

“$BTC appears to be teasing the wall at 120.5K before undergoing a support test.”

Supporting charts indicated the liquidity status of the BTC/USDT trading pair on one of the largest global exchanges, prompting a note of caution.

“As prices approach, be wary of rug pulls,” cautioned the material indicator.

“We haven’t reached the cycle peak yet, but support tests are necessary before we can sustainably push through $130K.”

From what Cointelegraph reported, the liquidity dynamics within the order book have significantly influenced BTC price movements recently, with many traders adjusting their bids to guide the market.

Data from Coinglass pointed to essential support beginning at $118,800, keeping open the possibility of a near 2% adjustment.

At the time of writing, the total short settlement for BTC over the last 24 hours stood at $432 million.

Pro Traders Maintain a $120,000 Stance

In the absence of traditional “FOMO” indicators, trading firm QCP Capital expressed a sustained optimistic outlook.

Related: $5 “Crisis Mode” BTC Prices You Should Be Aware of This Week

“This situation might reflect the behavior of a mature market, and this can be extended to ETH as well,” their latest Telegram bulletin mentioned.

“Another point to consider is that traders may prefer to express ongoing beliefs rather than alternate options.”

QCP suggested that traders might look to hedge against low volatility while keeping a long-term optimistic view.

“We maintain a fundamentally bullish perspective on BTC, undergirded by ongoing institutional investments and favorable macro conditions,” they concluded.

“However, at current price points, we prefer to be discerning and avoid chasing the rally, opting instead to position ourselves should a pullback occur.”

This article does not include investment advice or recommendations. All investment and trading actions carry risk, and readers should conduct their own research when making decisions.