#BTCRebound Bitcoin's rebound is showing strong momentum, with its price currently sitting at $86,771.60 after a 2.56% increase. This upswing is likely driven by a combination of factors, including¹:

- *Profit-taking by crypto short-positions*: Traders closing their short positions, which bet on the price going down, are contributing to the rebound.

- *Oversold market conditions*: Technical indicators like the Relative Strength Index (RSI) suggest the market was oversold, making a rebound more likely. When Bitcoin's 14-Day RSI fell below 20, similar to levels in January, prices recovered by 35% over the next two months.

- *Institutional interest*: Growing recognition of Bitcoin as a viable investment option is attracting more investors.

However, some analysts warn that the latest rally could be a *"bull trap"*, encouraging investors to re-enter unprofitable long positions. To determine if the rebound is sustainable, it's essential to monitor key support levels, such as $57,000, and watch for potential corrections.²