Bitcoin Bulls Risk Getting Trapped at Six-Week Highs
Bitcoin's recent price rebound risks becoming a bull trap due to structural weaknesses and a lack of spot buying support.Summary
Bitcoin's rally above $75,000 is showing signs of structural weakness, potentially turning into a classic "bull trap," according to CryptoQuant analysis. This concern stems from a divergence where the Coinbase Premium Index is dipping despite price highs, indicating weak U.S. spot demand. Furthermore, on-chain data suggests "OG investors" are distributing supply while new investors enter, and open interest (OI) shows futures traders are reluctant to take on risk, creating a divergence between spot strength and derivatives positioning. Analysts warn that pushing toward $80,000 will be challenging due to significant selling pressure around the mid-$70,000 zone, with key resistance levels identified between $76,000 and $82,500.
(Source：Cointelegraph)