\n\t\t\t\t\t\t\t\t\t“Bull trap BTC. Don\u2019t trust Sunday pump. Big dump incoming,” one X user sounded the alarm.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The primary cryptocurrency has finally staged a strong rebound, with its price briefly climbing above $70,000.<\/p>\n
However, numerous analysts warn that the bears remain in charge, predicting that a renewed pullback may quickly replace the daily green candle.<\/p>\n
Bulls Shouldn\u2019t Celebrate?<\/h2>\n
The recent developments in the US-Iran military conflict have heightened volatility in the cryptocurrency market today after a calm weekend. First, the American president Donald Trump warned<\/a> that the Asian country has until today (April 6) to open the Strait of Hormuz or otherwise \u201call hell will reign down on them\u201d before he extended the deadline by a day. On Easter, he threatened<\/a> to turn Tuesday (April 7) into \u201cPower Plant Day and Bridge Day\u201d should the Iranian officials keep the important corridor closed.<\/p>\n While Tehran seemed unfazed by the emerging danger and vowed to respond with crushing attacks on the United States and Israel, some reports indicated<\/a> that a potential ceasefire could be on the horizon. According to The Kobeissi Letter, the two sides may shake hands on a 45-day truce, which could then be followed by a permanent end to the war.<\/p>\n This speculation appears to be the main catalyst behind Bitcoin\u2019s price rise over the past 24 hours. Several hours ago, it exceeded $70,000 for the first time since late March, while currently it trades at around $69,500 (per CoinGecko\u2019s data).<\/p>\n Some popular market observers, though, have alerted that this green wave might be short-lived. X user Aralez noted<\/a> that the resurgence began on Sunday, pointing out that rallies on that day have typically been followed by short-term corrections. Crypto Analyst echoed<\/a> the warning, arguing:<\/p>\n \u201cBull trap BTC. Don\u2019t trust Sunday pump. Big dump incoming.\u201d<\/p>\n<\/blockquote>\n X user Ted also chipped in, suggesting that the leading digital asset is currently positioned in the $69,000-$70,000 resistance zone. He believes<\/a> that a rejection here could result in a drop below $66K, while surpassing that level may lead to a jump to as high as $74,000.<\/p>\n Several days ago, the popular analyst Ali Martinez outlined<\/a> that BTC\u2019s 50-day and 200-day Simple Moving Averages (SMAs) have crossed on the 3-day chart. He reminded that on previous occasions, this setup has been a precursor to a major double-digit price drop, predicting that such a final capitulation may lead to a washout of roughly $30,000 in the current cycle.<\/p>\n Despite the broadly bearish outlook, some analysts think the asset retains short-term upside potential. X user Trader Tardigrade\u00a0argued<\/a> that BTC has entered \u201cthe choppy and euphoric phase\u201d and forecasted that \u201cthe next move could be explosive.\u201d<\/p>\n Some on-chain metrics, including the asset\u2019s exchange reserve, also give bulls some reasons for optimism. The amount of units stored on centralized platforms fell to a seven-year low towards the end of March, and as of this writing, it is quite close to that mark. This indicates that many investors have moved their holdings toward self-custody, thereby reducing immediate selling pressure.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n\n
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How About Further Gains?<\/h2>\n
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