Bitcoin's $66,921 Rally Fizzles Out as Traders Bet on Crash

The recent Bitcoin price surge to $66,921 has failed to hold up against resistance and is now being viewed as a potential bull trap.

According to charts, every major indicator on the daily chart is bearish, with some analysts pointing out that the bounce was short-lived and didn't manage to break through key resistance levels.

The Federal Open Market Committee meeting today could be a turning point for markets, but even if it's dovish, traders are still betting on a drop in Bitcoin price, with Myriad predicting 65.7% odds of $55,000 being hit before $84,000.