Bitcoin consolidates above $60,000 after dropping from January highs near $96,000, trading below its 100-day and 200-day moving averages converging around $70,000. On the 4-hour chart, a rising wedge pattern suggests a potential breakdown toward the $58,000 support level. Analysis of large spot orders reveals persistent whale activity throughout the decline and recovery, signaling accumulation rather than capitulation. Despite this institutional accumulation, analysts warn of a potential bull trap, with the bearish scenario targeting a move below $60,000.
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