Bitcoin Price Recovers Above $58K: Bear Trap Confirmed?
Bitcoin has recovered most of the losses incurred earlier today. Is $60K incoming?
Bitcoin’s price is back above $58K, registering an increase of around 3% in the past 4 hours alone.
As CryptoPotato reported earlier today, the market had shed some $100 billion off its total market capitalization as the BTC price dropped to a monthly low of under $56,000.
Most of the altcoins followed suit, trading deep into red territory. ETH plunged to $2,400, while BNB bears were able to push the price toward $510.
Fortunately, the bulls woke up and are now erasing much of the gains. At the time of this writing, BTC trades at $58,400 and most of the losses from the drop earlier are gone.
Data from Coinglass reveals that this volatility has resulted in almost $200 million worth of liquidations in the past 24 hours.
Some analysts have noted that the drop from earlier may have been a trap for sellers looking to further capitalize on the decline.
Meanwhile, data from IntoTheBlock reveals that there has been a substantial number of buyers at the range between $61,700 and $70,500, who are currently sitting at a loss.
According to analysts from the data firm, whenever a large number of traders are at a loss, regardless of the range, BTC will be facing consistent selling pressure as the price approaches these levels.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Solana’s midnight patch job isn’t the sign of decentralization
Bitcoin returns to $98K as Fed holds rates steady despite Trump’s demand

Polygon Targets $1 & Ethereum Eyes $3,600, Yet BlockDAG’s CertiK Audit and $0.0019 Coins Could Outperform All
Discover Polygon (POL) price movement and Ethereum (ETH) price analysis as both eye breakouts, and see why BlockDAG’s CertiK audit, growing presale, and attractive pricing position it among the best crypto for higher returns in 2025.Polygon (POL) Price Movement Signals Breakout Toward $1Ethereum (ETH) Price Analysis: Tight Range Could Spark $3,600 BreakoutBlockDAG’s CertiK Audit Strengthens Its Case as the Best Crypto for Higher ReturnsTo Sum It Up

$298M Crypto Liquidations Rock BTC and ETH Traders
Crypto liquidations hit $298M in 24 hours, with BTC and ETH leading losses. Here's what caused the wipeout.A Rough Day for Crypto TradersWhat Triggered the Liquidations?Caution Ahead for Leverage Users

Trending news
MoreCrypto prices
More








