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 traded near $77,000 on Thursday, signaling a mild bullish trend, while Ethereum hovered around $2,300 with neutral momentum. Crypto markets posted modest gains over the past 24 hours despite mixed weekly performance. Analysts cite resistance at $80,000, ETF outflows, and macroeconomic pressures as key factors tempering short-term sentiment.