Bitcoin's $66,921 Rally Exposed as Bull Trap

Bitcoin's brief rally to $66,921 has been deemed more like a bull trap than a recovery by analysts.

The price has since fallen back to $63,422, following a pattern that looks less like a genuine bounce and more like a textbook example of a bull trap.

According to the daily chart, every major indicator is bearish, suggesting that the market is still in a downward trend.

Traders are now betting on Bitcoin dropping to $55K before reaching $84K, with a 65.7% chance of the latter happening first being placed at odds by Myriad.