It is located north of Bundesplatz, west of Käfigturm and south of Waisenhausplatz.

It is part of the UNESCO Cultural World Heritage Site that encompasses the Old City.

In 1256, the area that became Bärenplatz was a ditch that was part of the second city wall.

In 1578 the bridge into the Käfigturm was demolished and in the next year, the southern section was filled in.

When the Bärengraben were moved, the northern section was filled in and came to be known as Holzmarkt (Wood Market).