$BTC Bitcoin sharp fall triggered a classic bull trap!
Just a few hours ago, a sudden drop from intraday highs near $106K down toward $103K caught late buyers off guard. This rapid retracement echoed patterns identified in recent technical reports, where BTC spiked above key resistance but failed to sustain momentum🧐
Early signs pointed to a "soft reversal"—funding rates remained positive, yet open interest was falling, signaling leveraged longs being killed!
Similar fractal warnings had emerged, hinting at a pullback beneath the $105K–$106K range, and that’s exactly how it played out.
The rapid price bounce drew in FOMO-driven buyers, only to be trapped as sellers reclaimed control—textbook bull trap behavior well planned…
Analysts now warn that without reclaiming and holding above $108K, this may be the start of a deeper correction, possibly revisiting support near $100K or 74k later…
For traders, the lesson is clear: these sharp intraday rallies can deceive. The prudent move is to await confirmation—like sustained breaks above $108K—or focus on buying dips with strong support from technical indicators such as Bollinger Band re-crosses…
The few-hours-ago plunge wasn't just a flash crash—it was a strategic bull trap in motion.🫣👌