#BTCRebound Bitcoin (BTC) recently surged from 84,000 to87,000 during a low-volume Asian trading session, prompting discussions about a potential bull trap. Analysts are divided on the sustainability of this rally.

Some experts, like Xanrox, suggest that the rally might be a bull trap, anticipating a possible correction down to 85,000 before any further upward movement [1] . Others, such as Ali Martinez, believe that Bitcoin could continue its ascent, potentially reaching between135,000 and 159,000 before experiencing a significant correction [1] .

Technical indicators also present mixed signals. The formation of a "golden cross," where the 50-day moving average crosses above the 200-day moving average, has historically indicated strong bullish momentum [2] . However, the current market sentiment is one of extreme greed, which often precedes a pullback [3] .

Key support and resistance levels to watch include80,000 as a critical support zone and 81,700 as a resistance level. A break below80,000 could signal a potential pullback, while surpassing 81,700 might pave the way for further gains [4] .

As of now, Bitcoin is trading at approximately87,963, reflecting a 1.21% increase from the previous close.

Stock market information for Bitcoin (BTC)

- Bitcoin is a crypto in the CRYPTO market.