I recently looked at Bitcoin's price movement, rebounding from $60,000 to over $68,580. It’s definitely a significant increase. However, a closer look at the technicals suggests that this rebound may be hiding the risk of a bull trap.

The price is currently stuck near the upper boundary of the trading channel and the Fibonacci resistance level, with quite a bit of resistance above. What’s more concerning is that although the rebound looks strong, the trading volume is actually shrinking, which is usually a bad sign. Healthy upward movements should be accompanied by volume confirmation; the current situation indicates that buying pressure may be weakening, which is a typical sign of a potential bull trap.

Another detail is that about 46% of Bitcoin supply is currently in loss, approaching the levels seen during the 2022 bear market. In this context, if the price gets rejected at the resistance level, it could easily trigger selling pressure. If the price breaks below the channel’s high, the next support target would be around the $60,000 area near the lower boundary of the channel.

From a broader perspective, Bitcoin is still in a consolidation phase and has not confirmed a true bull market expansion. Breakouts without volume support are fragile. Unless we see a clear surge in volume accompanying a strong breakout, this rebound faces a correction pressure at the confluence of multiple resistances. Currently, factors like the US-Iran situation also add to market uncertainty, and defensive capital inflows may limit upward potential. Overall, caution is advised at this level.