Bitcoin failed to hold the $76,000 level, trading around $74,000 after failing to break above the threshold, prompting renewed bull trap warnings. Analysts highlighted heavy overhead resistance and noted potential upside targets near $78,300 and $82,500 if the price can push higher.
CryptoQuant flagged a negative Coinbase Premium Index and described a shift from spot-led strength to a derivatives-driven rally as key risks. On-chain data showed a critical structural vulnerability as the market lurches toward a derivatives-led move, with spot demand not keeping pace despite price advances.
Older holders appear to be distributing while newer investors enter, and a bear-flag setup has been observed by traders. With futures traders reluctant to add risk, some warned the current move could turn into a bull trap if bullish positioning does not materialize.
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