Bitcoin Bull Trap Looming at $85,000

Crypto analyst Sherlock has issued a warning that the current Bitcoin price may be on the verge of a bull trap. According to Sherlock, spot Bitcoin ETFs in the US have been trading below their total break-even cost, around $86,000, for an extended period of time - 228 trading sessions.

This has resulted in significant unrealized losses for investors, totaling approximately $18 billion in February. Despite a 23% gain in just 21 trading sessions, $3.9 billion of this loss remains unrecovered.

Sherlock notes that the $85,000-$86,000 region is not just an ordinary resistance area but a significant cost zone where real investors who have been in a losing position for months are concentrated.