Summary
- Bitcoin (BTC) has regained the $73,000 level, but analysis suggests this rebound could be temporary.
- Analysts warned that the rise could be a 'bull trap'—a brief rebound that occurs in a bear market.
- Heavy sell supply and derivatives-market positioning were cited as potential risk factors, with the $72,000–$76,000 range seen as capable of triggering additional selling pressure.
Forecast Trend Report by Period
Bitcoin (BTC) has regained the $73,000 level, but the market is flagging that this rebound could prove temporary.
According to Coindesk, a media outlet specializing in virtual assets (cryptocurrencies), some analysts assessed that the recent upswing may resemble the price action seen in January this year.
At the time, Bitcoin plunged from $98,000 to around $60,000 in about two weeks after a sharp short-term rally. Analysts warned that the current rise could also be a 'bull trap'—a brief rebound that occurs in a bear market.
In particular, heavy sell supply and derivatives-market positioning were cited as potential risk factors. Some market participants believe that the move up through the $72,000 to $76,000 range could trigger additional selling pressure rather than lead to a sustained recovery.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
