Bitcoin Price Drop Raises Concerns of Bear Trap or Correction Low

Bitcoin's recent price drop has sparked concern among investors and analysts. The cryptocurrency's price has fallen by around 6.5% in the last 24 hours, reaching a low of $62,300. This decline comes after a brief bounce from recent lows.

The bearish trend is further supported by on-chain data showing that long-term holders are rotating into sellers. Additionally, derivatives markets confirm the pattern with elevated funding rates and liquidations during the prior run-up followed by price retreat.