Bitcoin creators warn of trap setups

SUMMARY: SKIP Thread: 1/ Three cryptocurrency YouTube creators uploaded videos on May 15-16 warning Bitcoin traders about potential "trap" breakouts and short-term volatility in BTC price moves. The videos, surfaced in YouTube listings, carry titles like "Bitcoin In A Good Place," "Bitcoin No Longer Bullish After Drop?," and "Get Ready for This Move! (trap alert)." 2/ In trading lingo, a "trap" refers to a false breakout where price briefly pierces a key level—like resistance or support—luring traders into positions before reversing sharply. Creators use this term to flag setups where momentum looks bullish (or bearish) but is likely manipulative or unsustainable, often driven by low-volume wicks on charts. 3/ The first video, "Bitcoin In A Good Place," posted May 15 by creator Scott Melker (The Wolf of All Streets), analyzes BTC's consolidation around $62,000-$64,000 after a drop from $65,000 highs earlier in the week. Melker notes the price held above the 50-day moving average at $61,200, but cautions against chasing upside without volume confirmation. 4/ "Bitcoin No Longer Bullish After Drop?" from Benjamin Cowen (Into The Cryptoverse), uploaded May 15, points to BTC's failure to reclaim $67,000 resistance following the April halving rally cooldown. Cowen highlights declining relative strength index (RSI) on weekly charts dropping to 55 from 75 in late April, signaling fading momentum. 5/ The third, "Get Ready for This Move! (trap alert)" by DataDash on May 16, zooms in on hourly charts showing a potential bull trap above $64,500. The creator flags thin order books on exchanges like Binance, where $10M in buys could fake a breakout before $50M sells reverse it back to $60,000 support. 6/ BTC traded at $63,200 as of 14:00 UTC on May 16, down 1.2% intraday after testing $64,800 overnight. Open interest on futures hit $28.5B on CME Group, up 8% week-over-week, amplifying volatility risks as leveraged positions build. 7/ These warnings come amid post-halving chop: BTC peaked at $73,800 in March post the April 20 event cutting miner rewards to 3.125 BTC/block, then corrected 15% to $60,000 lows by May 10. Traders watch $58,000 as next major support if traps trigger downside. 8/ YouTube crypto channels like these—Melker (1.2M subs), Cowen (850K subs), DataDash (520K subs)—reach millions daily, often swaying retail sentiment. Their "trap" calls have preceded reversals before, like a similar alert in March before a 10% BTC dip. 9/ To spot traps yourself: Check volume (should exceed 20-day avg for real breaks), funding rates (positive >0.01% signals over-leverage), and on-chain metrics like exchange inflows (up 15% this week per Glassnode). 10/ Watch $64,500 resistance and Friday's $1.2B options expiry on Deribit, which could dictate if BTC grinds higher or traps into a weekend dump. Expiry data shows max pain at $62,500, clustering shorts. End/