CoinVoice has learned that traders are warning that Bitcoin may be replaying the pattern seen at the end of the 2021 Bitcoin bull market. Cryptocurrency trader Cheds stated that after Bitcoin surged to a historic high last week, it faced a new wave of selling, which could be an ominous signal for investors.

Cheds believes that Bitcoin is showing a "failed breakout" pattern — a pattern that is widely viewed as a bull trap, signaling market weakness and a potential trend reversal.

"When the price breaks through a resistance level and then falls back, failing to hold that position, a failed breakout pattern is formed. Additionally, we have seen an 'external daily candlestick'. This refers to the massive red candlestick on August 14." [Original link]