Crypto analyst Merlijn has described the Bitcoin price crash to $91,000 as a major bear trap as optimism returns to the market. The flagship crypto had dropped to this level following a wave of weekend sell-offs but has since recovered above the psychological $100,000 level.
Bitcoin Price Crash To $91,000 Termed “Biggest Bear Trap”
In an X post, Merlijn described the Bitcoin price crash to $91,000 as the “biggest bear trap of this cycle.” The analyst noted that this happened in the 2017 and 2021 bull runs and has now occurred in this 2025 bull cycle. He is optimistic that Bitcoin and other crypto are well primed to rally to new highs, remarking that every major bull run had a final bear trap before sending it.
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The Bitcoin price had crashed to $91,000 following a wave of sell-offs, which was sparked by Donald Trump’s tariffs on Mexico, Canada, and China. This raised concerns about a trade war as Mexico and Canada moved to announce tariffs on imports from the US in retaliation. However, this turned out to be a bear trap, as BTC quickly reversed its weekend loss on Monday.
The Bitcoin price reclaimed $100,000 as the US, Mexico, and Canada agreed to a one-month pause on these tariffs. The rally to the psychological $100,000 level has again sparked optimism in the crypto market, especially with altcoins rebounding alongside the flagship crypto. Merlijn warned market participants that they can either choose to get shaken out or be positioned for the biggest move yet.
Merlijn also shared a chart that showed that the bull cycle is far from over. Based on the chart, the Bitcoin price will still go through the renewed optimism, FOMO, and Euphoria phase before it tops in this cycle.
What’s Next For BTC?
In an X post, crypto analyst Rekt Capital stated that the Bitcoin price needs to record a daily close above $101,000 and retest it successfully to reclaim it into support. He added that a successful reclaim of this price level could lead to an uptrend continuation, with BTC rallying to around $103,000. Based on the accompanying chart he shared, the next crucial resistance for the Bitcoin price is around $106,148.
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Crypto analyst Titan of Crypto asserted that Bitcoin’s bull market is still intact. According to him, the bullish trend remains valid as long as BTC holds a monthly close above the 38.2% Fibonacci retracement level. In an X post, he highlighted a continuation pattern that could send the Bitcoin price as high as $117,000 in the short term.
At the time of writing, the Bitcoin price is trading at around $99,500, up over 5% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
Shiba Inu, Dogecoin Termed ‘All Garbage’ by Solidity.io CEO Watcher Guru
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Security is an important aspect of a blockchain. In the development of a blockchain network, the network’s security is a significant requisite for its success and mainstream adoption.
Consequently, all networks in the crypto space promise a level of security to attract users, including the self-acclaimed ‘ethereum killers’. However, amongst these networks, Cardano and Polygon have been recently regarded as more secure than Solana, following new events.
Solana started the year with a hack targeting its Wormhole Bridge
A top crypto Twitter channel run by crypto influencer brothers Aaron and Austin Arnold, Altcoin Daily (@altcoindailyio) revealed its opinion on the relative securities of the Cardano, Polygon and Solana networks.
The pundits mentioned that the Cardano and Polygon networks appear more secure than Solana. This perception is driven by past and recent events in the Solana ecosystem that have exposed several vulnerabilities on the network, especially the latest hack that drained Slope and Phantom wallets of over $7M.
In February of this year, the Solana Wormhole Bridge suffered a massive hack which resulted in the loss of funds to the tune of $321M. The bridge linking the Ethereum and Solana networks was exploited, and the funds were stolen in Wrapped ETH (WETH), being further dispensed to the Solana and Ethereum wallets of the hacker(s).
 
 
Solana suffered hacks resulting in a combined loss of $397M in Q1 2022
Per data from Atlas, the Solana ecosystem suffered five separate hacks, resulting in a combined loss of $397M in Q1 2022 alone. Although Solana did not record the highest figure – as ETH was exploited 18 times resulting in losses amounting to $636M – the assertion that both ADA and MATIC are more secure sounds logical, as MATIC was only hacked once, and ADA was not on the list at all.
Last month, Solana-based DeFi protocol, Crema Finance, was exploited, leading to stolen funds of up to $8M. Although the hacker returned the funds and got compensation for his kind deeds, the hacks show how vulnerable the Solana ecosystem is.
Most recently, the latest hack on the Solana network was connected to a private key compromise, as users of Slope and Phantom wallets saw over $7M removed from their wallets in the early hours of August 3.
Solana prides itself on high transaction speed due to its use of Proof Of History (PoH), but the crypto community has been sceptical about the general security of the blockchain. The recent events have aggravated this scepticism.
Solana’s network usage dropped by 17.6% in Q2 2022. Additionally, SOL is currently trading at $36 at the time of writing, down 13% in the last seven days.