Bitcoin Reclaims $94,000: A New Bull Market Beginning or a Bull Trap?
Bitcoin has surged back to the $94,000 level, sparking debate over whether this marks the beginning of a new bull run or a short-term bullish trap. Despite the strong price performance, trading volume has not fully supported the upward move.
Key resistance levels and the upcoming FOMC meeting have influenced market sentiment. After a brief period of consolidation, Bitcoin broke through $93,500, reestablishing a short-term bullish trend. Technical analysis indicates the formation of bullish patterns such as the "cup and handle" and "inverse head and shoulders," suggesting a potential rise to $104,000 if $96,000 is breached. However, failure to hold above $96,000 could trigger a pullback toward $88,000–$89,000 or even lower.
Market liquidity presents mixed signals. The buy-sell ratio remains low, and retail participation—especially from South Korea—has cooled, though U.S. institutional demand appears stronger. On-chain data shows increased activity from large holders, indicating accumulation by "smart money."
Macro factors include potential Fed rate cuts and supportive U.S. policy developments, such as proposed Bitcoin strategic reserves and stablecoin legislation. Bitcoin ETF approvals are also anticipated by mid-May, with traditional firms like Vanguard gradually opening access to crypto ETFs.
Risks include overbought conditions, high leverage (with $120M in long liquidations possible below $87,000), and regulatory uncertainties outside the U.S. Investors should monitor the $96,000 level and Fed policy closely, prioritizing risk management in a volatile market driven by ETF flows, leverage cycles, and macro liquidity.
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