Bitcoin has been in a slump over the last three days, losing about 10% of its market value as the main cryptocurrency fell from around $108,000 to about $97,000.

The market declined rapidly, hitting key short-term levels and pushing out positions that had remained untouched since October. Samson Mow, a prominent figure in the ongoing $1 million Bitcoin debate, dismissed the entire decline with one comment, calling it an “obvious bear trap.”

During this drop, Glassnode recorded the largest realized-loss print of the quarter. Coins in the 3-6 month age band moved, resulting in roughly $600 million lost within one hour. This cohort typically reflects holders who are not highly reactive, so seeing them exit in size signals that frayed nerves had finally broken.

Bitcoin’s price behaved in a similar way. When it fell to $97,000, it was quickly snapped up by spot markets once the forced liquidation waves had passed. Most of the selling pressure came from overextended positions rather than widespread distribution.

Derivatives desks pointed to three concentration zones around $101,000, $99,500, and $97,800, where old long positions were wiped out. Once those pockets were cleared, the market no longer showed the aggressive follow-through usually associated with a deeper unwinding.

When putting it all together, the mix of local capitulation, liquidation-driven flow, and fast spot market response suggests that the move was more of a cleanup than a structural breakdown.

This context forms the basis behind Mow’s comment and keeps the focus on how Bitcoin behaves around the $97,000 mark now that forced selling has passed.
https://bitcoinethereumnews.com/bitcoin/1-million-btc-advocate-mow-points-to-bear-trap-setup-as-bitcoin-loses-100000/