Analysis: BTC may be replaying the pattern that appeared at the end of the 2021 Bitcoin bull market

ChainCatcher news, trader warning, Bitcoin may be replaying the pattern seen at the end of the 2021 Bitcoin bull market. Cryptocurrency trader Cheds stated that after Bitcoin surged to a new all-time high last week, it faced a new round of selling, which could be an ominous sign for investors.

Cheds believes that Bitcoin is showing a "failed breakout" pattern ------ a pattern widely regarded as a bull trap, indicating market weakness and a potential trend reversal.

"When the price breaks through a resistance level and then falls back, failing to hold that position, a failed breakout pattern is formed. Additionally, we also saw an 'external daily candlestick.' That is the huge red candle on August 14."