Summary
- Bitcoin (BTC) reclaimed the $73,000 level, but analysis has been raised that this rebound could be temporary.
- Analysts warned that this rise could be a bull trap—a temporary rebound seen in a bear market.
- Excessive sell volume and derivatives-market positioning were cited as potential risk factors, and the $72,000–$76,000 range could trigger additional selling pressure.
Forecast Trend Report by Period
Bitcoin (BTC) has reclaimed the $73,000 level, but the market is raising analyses that this rebound could be temporary.
According to CoinDesk, a media outlet specializing in virtual assets (cryptocurrencies), on the 4th (local time), some analysts assessed that the recent upswing could resemble the price action seen in January this year.
At the time, Bitcoin, after a short-term surge, plunged from $98,000 to around $60,000 in about two weeks. Analysts warned that this rise as well could be a 'bull trap'—a temporary rebound seen in a bear market.
In particular, excessive sell volume and derivatives-market positioning were cited as potential risk factors. Some market participants see the move from $72,000 to $76,000 as more likely to trigger additional selling pressure than to lead to a sustained recovery.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
