Bitcoin Broke Down — but $1.17 Billion in Shorts Above Price Says Bear Trap

BTC fell ~5% last week, slipping into a confirmed bearish chart pattern as a sliding Nasdaq and cooling US demand weighed on risk assets. However, a lopsided derivatives setup—roughly $1.17B of shorts clustered above current prices—and thin spot-selling volume indicate the breakdown may be a bear trap and leave the market vulnerable to a short squeeze. Short-side exposure is therefore riskier near term; watch on-chain flows and macro cues for a rapid reversal.