The Bitcoin bull trap 🐂

Bitcoin's brief rally to $66,000 has stumbled, and the charts are pointing to a classic bull trap as critical support failed.

Author

Stephen Graves
July 28, 2026

📝 What you need to know

Bitcoin's push above $66,000 failed at resistance, with the cryptocurrency dipping to an intraday low beneath $63,000. A South Korean circuit breaker triggered risk-off selling, with long liquidations running into the hundreds of millions.

That points to a bull trap ahead of the FOMC meeting, with markets wary of a potential rate hike ahead of Fed Chair Kevin Warsh's decision and press conference on July 29.

Every major daily indicator is bearish: a months-old death cross, sub-50 RSI, and a loaded squeeze likely to resolve downward. Myriad traders favor BTC dipping to $55,000 rather than hitting $84,000, with only a dovish Fed surprise likely to change the setup.

Why the Bitcoin Rally Seems More Like a Bull Trap

The Bitcoin price rally failed to gain critical support, and every major indicator on the daily chart is now bearish. Here's what that means.

Bitcoin · BTCJuly 28, 2026
$63,984
▼ 1.3% past 24 hours
View live price

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