Bitcoin has slipped below the $78,000 threshold in latest trading sessions.
The cryptocurrency's price movement has drawn attention from market analysts who suggest the drop may form a classic bear trap. This pattern often involves a sharp decline that attracts sellers before a potential reversal.
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Bitcoin price has fallen below $78,000, placing immediate focus on whether buyers can defend the $76,000 support zone or face a deeper decline toward $70,000.
Bitcoin briefly fell below $80,000 on Thursday as analysts noted rising profit taking among traders. The move came despite recent technical signals pointing to potential upward momentum.
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Bitcoin traders are holding out for one more price dip before expecting the uptrend to resume with new highs.
Bitcoin has traded in a tight range between $59,000 and $60,000 for five straight days. Analysts warn that a break lower could target $40,000. Pressure is mounting from a stronger U.S. dollar and plans by Strategy to potentially sell more than $1 billion of its Bitcoin reserves.
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Bitcoin dropped below $60,000 on June 24 as exchange inflows, spot ETF outflows and leveraged long liquidations intensified selling pressure.