Bitcoin printed another concerning weekly candle, and the pattern forming over recent weeks is hard to ignore. The price action tells a story of repeated bull traps, each one drawing in buyers only to slam them back down.
The first candle showed a long wick, with the entire pump fully retraced. The candle that followed filled that wick and managed to close above the 71.4K level. Then came last week’s move, which swept above the highs before reversing the entire pump in a violent push lower.
Who Got Trapped and Why It Matters
According to KillaXBT on X, the damage across long positions has been wide. Continuation longs, breakout longs, and mid-range longs have all been wiped out. The structure, as KillaXBT noted, points to bears being firmly in control after retracing price right back into range.
“Bears are in control, retracing the move right back into range.”
A CME gap sitting at $70,000 remains unfilled. KillaXBT posted on X that a push to that level could serve as a trap for late shorts, with continuation lower following once that gap gets tagged. CME gaps can take time to fill, but historically they do.
The monthly open at 66.9K is a level to watch closely for any reaction. That said, the more critical structural zone lies between 65.9K and 64.7K on the higher timeframe.
Sub-60K If Key Support Breaks
Losing that 65.9K to 64.7K zone changes the picture sharply. KillaXBT stated on X that a break below those levels opens the door to sub-60,000 dollar Bitcoin prices. Bulls need to hold that band or the downside scenario accelerates fast.
The near-term read points to a bearish retest before any lower continuation. The $70K CME gap fill remains the more probable short-term move, baiting late shorts before price resumes its downward path.
Bitcoin has not lost the key support range yet. But the weekly structure, the trapped longs, and the unfilled CME gap all paint a cautious picture for the sessions ahead.
Key Takeaways:
- Bitcoin’s weekly close trapped bulls at multiple levels, with continuation, breakout, and mid-range longs all caught offside.
- A CME gap at $70K may attract price short-term before bears push continuation lower toward the 64.7K zone.
- Losing the 65.9K to 64.7K support range could open the path to sub-60K Bitcoin prices on higher timeframes.
