---
title: "Bitcoin Price Recovers Above $58K: Bear Trap Confirmed?"
url: https://diffcoin.com/bitcoin-price-recovers-above-58k-bear-trap-confirmed/
description: "Bitcoin has recovered most of the losses incurred earlier today. Is $60K incoming?"
published: 2024-09-04
updated: 2024-09-04
author: "Mila"
site: "Diffcoin"
---

# Bitcoin Price Recovers Above $58K: Bear Trap Confirmed?

Bitcoin’s price is back above $58K, registering an increase of around 3% in the past 4 hours alone.

As *CryptoPotato* reported earlier today, the market had shed some $100 billion off its total market capitalization as the BTC price dropped to a monthly low of under $56,000.

Most of the altcoins followed suit, trading deep into red territory. ETH plunged to $2,400, while BNB bears were able to push the price toward $510.

Fortunately, the bulls woke up and are now erasing much of the gains. At the time of this writing, BTC trades at $58,400 and most of the losses from the drop earlier are gone.

![btc_price_chart_0409241](data:image/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAyODQ4IDE1OTQiIHdpZHRoPSIyODQ4IiBoZWlnaHQ9IjE1OTQiIGRhdGEtdT0iaHR0cHMlM0ElMkYlMkZjcnlwdG9wb3RhdG8uY29tJTJGd3AtY29udGVudCUyRnVwbG9hZHMlMkYyMDI0JTJGMDklMkZCVENVU0RfMjAyNC0wOS0wNF8yMC0wNC0xMS5wbmciIGRhdGEtdz0iMjg0OCIgZGF0YS1oPSIxNTk0IiBkYXRhLWJpcD0iIj48L3N2Zz4=)

Source: TradingView

Data from Coinglass reveals that this volatility has resulted in almost $200 million worth of liquidations in the past 24 hours.

Some analysts have noted that the drop from earlier may have been a trap for sellers looking to further capitalize on the decline.

> Bitcoin is back above 58k.
> 
> Today’s drop may have been a bear trap. [pic.twitter.com/MxdfOofC6E](https://t.co/MxdfOofC6E)
> 
> — Duo Nine ⚡ YCC (@DU09BTC) [September 4, 2024](https://twitter.com/DU09BTC/status/1831368924820279565?ref_src=twsrc%5Etfw)

Meanwhile, data from IntoTheBlock reveals that there has been a substantial number of buyers at the range between $61,700 and $70,500, who are currently sitting at a loss.

According to analysts from the data firm, whenever a large number of traders are at a loss, regardless of the range, BTC will be facing consistent selling pressure as the price approaches these levels.

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[Source link](https://cryptopotato.com/bitcoin-price-recovers-above-58k-bear-trap-confirmed/)