Bitcoin still faces significant resistance at $62,000, and if it breaks, it could liquidate over $845 million of leveraged shorts.
Crypto market analysts say the Bitcoin (BTC) bear trap is officially over. Based on historical chart patterns, they are eyeing the next price breakout.
A bear trap is a form of coordinated but controlled selling that creates a temporary dip in an asset’s price. It typically comprises a significant correction during a long-term uptrend.
The latest correction may have been a bear trap or a shake-out, according to pseudonymous crypto analyst Sensei, who wrote in an Aug. 8 X post:
