Bitcoin Price Crash To $91,000 Termed Major Bear Trap As Optimism Returns To The Market

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Crypto analyst Merlijn has described the Bitcoin price crash to $91,000 as a major bear trap as optimism returns to the market. The flagship crypto had dropped to this level following a wave of weekend sell-offs but has since recovered above the psychological $100,000 level.

Bitcoin Price Crash To $91,000 Termed Biggest Bear Trap

In an X post, Merlijn described the Bitcoin price crash to $91,000 as the biggest bear trap of this cycle. The analyst noted that this happened in the 2017 and 2021 bull runs and has now occurred in this 2025 bull cycle. He is optimistic that Bitcoin and other crypto are well primed to rally to new highs, remarking that every major bull run had a final bear trap before sending it.

The Bitcoin price had crashed to $91,000 following a wave of sell-offs, which was sparked by Donald Trumps tariffs on Mexico, Canada, and China. This raised concerns about a trade war as Mexico and Canada moved to announce tariffs on imports from the US in retaliation. However, this turned out to be a bear trap, as BTC quickly reversed its weekend loss on Monday.

The Bitcoin price reclaimed $100,000 as the US, Mexico, and Canada agreed to a one-month pause on these tariffs. The rally to the psychological $100,000 level has again sparked optimism in the crypto market, especially with altcoins rebounding alongside the flagship crypto. Merlijn warned market participants that they can either choose to get shaken out or be positioned for the biggest move yet.

Merlijn also shared a chart that showed that the bull cycle is far from over. Based on the chart, the Bitcoin price will still go through the renewed optimism, FOMO, and Euphoria phase before it tops in this cycle.

Whats Next For BTC?

In an X post, crypto analyst Rekt Capital stated that the Bitcoin price needs to record a daily close above $101,000 and retest it successfully to reclaim it into support. He added that a successful reclaim of this price level could lead to an uptrend continuation, with BTC rallying to around $103,000. Based on the accompanying chart he shared, the next crucial resistance for the Bitcoin price is around $106,148.

Crypto analyst Titan of Crypto asserted that Bitcoins bull market is still intact. According to him, the bullish trend remains valid as long as BTC holds a monthly close above the 38.2% Fibonacci retracement level. In an X post, he highlighted a continuation pattern that could send the Bitcoin price as high as $117,000 in the short term.

At the time of writing, the Bitcoin price is trading at around $99,500, up over 5% in the last 24 hours, according to data from CoinMarketCap.

Read more: https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-to-91000/

Text source: NewsBTC

Bitcoin altcoins bitcoin Bitcoin news bitcoin price btc BTC news btc price btcusd BTCUSDT CoinMarketCap Donald Trump fibonacci retracement FOMO Merlijn Written by Scott Matherson On Tue, 04 Feb 2025 Disclaimer: Financial information and news are not financial advice, read the disclaimer. Buy & sell Crypto in minutes

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