Despite Bitcoin closing above $100,000 for the first time ever, the cryptocurrency may be facing a “bear trap,” with the potential to drop below $95,000. The decisive moment is set for February 7, when the U.S. releases its latest labor market report.

According to Cointelegraph, Bitcoin slipped below $100,000 on February 2 for the first time since January 27. The decline was triggered by inflation concerns following President Donald Trump’s announcement of new import tariffs on goods from China, Canada, and Mexico.

However, this downturn could mark the beginning of a broader correction, possibly pushing BTC down to $95,000, warned Ryan Li, chief analyst at Bitget Research.

“The $95,000 level remains a key support zone. In the coming weeks, labor market trends, Federal Reserve policy expectations, and overall investor sentiment will be the main drivers influencing Bitcoin’s trajectory,” Li explained.

Despite the near-term risks, February could still bring renewed upside for Bitcoin, the analyst added. The U.S. Bureau of Labor Statistics is set to release its labor market report on February 7. If the data indicates an economic slowdown, it could strengthen the case for Federal Reserve rate cuts, which, according to Li, would create a more favorable environment for Bitcoin’s recovery.