Is the reversal of a lesser-known bitcoin price indicator signaling a bull trap? That's the question being asked by Twitter's more expert crypto analysts after bitcoin's rise to $8,500 this week, a figure that's up more than 25 percent since its early April lows. As such, many investors and traders are wondering if the market's rally, propelled largely by a single day of strong gains, is over (if only for now).
Stepping back, the indicator in question, ETH/BTC, which tracks the value of ether against bitcoin, has been behaving oddly of late. In the past, ether's rise against bitcoin has been greeted as a negative sign for bitcoin, one that signals more traders are willing to exchange bitcoin for ether, the world's second-largest cryptocurrency. Still, this time bitcoin is leading the way.
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