Bitcoin (BTC) price surpassed last week’s trading of around $69,000 to reach a seven-day high on April 6, amid a mixed market.
The stock gained 4.11% in the last 7 days to trade at about $70,003 at press time. Bitcoin added $55.6 billion to its market value on Monday, reaching $1.39 trillion at the time of reporting.
Today’s rise in BTC prices was largely fueled by a short-term squeeze, as many traders expecting further declines found a rekt, thereby boosting sentiment. In the past 24 hours, of the $153 million withdrawn from Bitcoin derivatives, $145.55 million involved short traders, according to data from CoinGlass.
Is Bitcoin price a bull trap?
The recent recovery in BTC prices has taken place amid bearish sentiment among traders. In addition, the big fall, which is characterized by the depression of many months and similar thoughts about the winter of 2022 crypto, encouraged the sellers.
However, following today’s rise in BTC prices that caused short traders to close in and cause a bit of a squeeze, an increase in FOMO (fear of missing out) buyers was recorded, as per analytics from Saint. In fact, the third group of greedy Bitcoin in 2026 was recorded on April 6 Sentiment pa the ratio of good and bad thoughts.
Accordingly, Santiment warned BTC traders that changes occur in times of high expectations.
“With great optimism, remember that markets often move in the opposite direction to people’s expectations,” Santiment he realized.
From a technical point of view, if the price of Bitcoin breaks its two-month high around $75,900, a rally above $80,000 will be supported, preventing an intermediate bull trap. However, a retracement below $66,715 would confirm a bull trap for BTC.
