2024

Bitcoin

Bitcoin’s price is back above $58K, registering an increase of around 3% in the past 4 hours alone.
As&nbsp;CryptoPotato&nbsp;<a href="https://cryptopotato.com/crypto-markets-lost-100-billion-as-bitcoin-btc-dropped-below-56k-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">reported</a> 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.
<figure id="attachment_358103" aria-describedby="caption-attachment-358103" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD_2024-09-04_20-04-11.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-358103" src="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD_2024-09-04_20-04-11.png" alt="btc_price_chart_0409241" width="2848" height="1594" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD_2024-09-04_20-04-11.png 2848w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD_2024-09-04_20-04-11-300x168.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD_2024-09-04_20-04-11-1024x573.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD_2024-09-04_20-04-11-768x430.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD_2024-09-04_20-04-11-1536x860.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD_2024-09-04_20-04-11-2048x1146.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD_2024-09-04_20-04-11-50x28.png 50w" sizes="(max-width: 2848px) 100vw, 2848px"></a>
 <figcaption id="caption-attachment-358103" class="wp-caption-text">
 Source: TradingView
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</figure>
Data from Coinglass <a href="https://www.coinglass.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">reveals</a> 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.
<blockquote class="twitter-tweet">
 Bitcoin is back above 58k.
 Today’s drop may have been a bear trap. <a href="https://t.co/MxdfOofC6E" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/MxdfOofC6E</a>
 — Duo Nine <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> YCC (@DU09BTC) <a href="https://twitter.com/DU09BTC/status/1831368924820279565?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 4, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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.
<a href="https://cryptopotato.com/heres-why-bitcoin-is-struggling-to-hit-a-new-high-according-to-intotheblock/" data-wpel-link="internal" rel="noopener noreferrer nofollow">According</a> 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.
The post <a href="https://cryptopotato.com/bitcoin-price-recovers-above-58k-bear-trap-confirmed/" rel="noopener noreferrer nofollow">Bitcoin Price Recovers Above $58K: Bear Trap Confirmed?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bitcoin Price Recovers Above $58K: Bear Trap Confirmed?

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