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Analysis: Bitcoin may be replaying the pattern that occurred at the end of the 2021 Bitcoin bull run.
Golden Finance reports that traders warn Bitcoin may be repeating the pattern seen at the end of the 2021 Bitcoin bull run. Crypto assets trader Cheds stated that after Bitcoin rose to a historical high last week, it faced a new round of dumping, which could be an ominous sign for investors. Cheds believes that Bitcoin is showing a “failed breakout” pattern - a pattern that is widely viewed as a bull trap, indicating market weakness and a potential trend reversal. “When the price breaks through the resistance level and then falls back, failing to hold that position, it forms a failed breakout pattern. Additionally, we also saw the ‘external daily K line.’ It is the huge red candle on August 14.”