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Analysts believe the Bitcoin bear trap has ended, potentially paving the way for a BTC price rally. Fractal analysis suggests an imminent move, though resistance at $62,000 could pose challenges.
Bitcoin Bear Trap Could Lead to Parabolic Move
The Bitcoin bear trap, according to crypto market observers, has ended. The next price breakthrough is being eyed by them based on trends seen in historical charts.
The purpose of a bear trap is to temporarily lower the price of an asset through planned and coordinated selling. In most cases, it is a substantial correction that occurs during an ongoing advance.
The most recent correction might have been a shake-out or a bear trap, said the anonymous crypto analyst Sensei in a post on August 8th:
Furthermore, as pointed out by Sensei in an Aug. 6 X post, Bitcoin fractals indicate that Bitcoin's parabolic phase is about to begin:
Technical traders utilize fractal patterns to find important levels of support and resistance, as well as possible trend reversals, by analyzing past data.
It is still possible for Bitcoin's daily trend to turn negative, even though fractal patterns indicate a local bottom, according to Aurelie Barthere, the chief research analyst at Nansen onchain analytics platform.
In an interview with Cointelegraph, the expert shared the following chart:
“Local bottoms, yes, but the daily trend in BTC (and Ether) still looks negative: The 50-day moving average is about to cross below the 200-day moving average (see attachment 1 on BTC; the red line is about to cross below the green line).”
Resistance at $62,000 Could Block BTC Price Rally
In Barthere's opinion, Bitcoin will face formidable resistance at $62,000 before it can break through $70,000 and attempt to hit its all-time high.
To Cointelegraph, the expert said:
“BTC needs to hold above $62,000. The other threshold of resistance is $70,000–$71,000 or the all-time high. Psychologically, a few traders have been hurt by the March and July sell-offs, and this might be a very difficult threshold to cross.”
BTC Price Faces Key Resistance at $62,000
The $61,500 and $62,000 levels provide formidable obstacles for Bitcoin. According to data from CoinGlass, a recovery above $62,000 would result in the liquidation of cumulative leveraged short positions worth $845 million.
