A traditional market analyst has warned that Bitcoin's current rebound is merely a technical trap and not the beginning of a new bull market. Since Bitcoin's price remains below the 365-day moving average and is testing a "rising wedge" pattern near $69,200, if it breaks below this pattern, target prices could fall to $60,000, or potentially even decline to between $52,000 and $48,000. The analyst emphasized that as long as prices remain below $90,000, the downtrend remains the dominant trend.

BTC-0.67%

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