BTC price ‘bull trap’ at $76.5K? Five things to know in Bitcoin this week
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- Bitcoin fell below the 21‑week exponential moving average ($78,660) to $76,500, its lowest level since May 1, according to TradingView data.
- Bitcoin long positions faced over $670 million in liquidations in the past 24 hours, with a heatmap showing potential liquidation pressure on both sides of the spot price.
- Nvidia earnings and strong PMI data are viewed by analysts as a potential counter‑balance to macro pressure from US‑Iran tensions that lifted oil prices.
- Cryptic Trades predicted a bounce at the $75‑$76 k zone, labeling the recent decline as a possible bear‑trap.
- Daan Crypto Trades warned that a weekly close below $75‑$76 k would be a “dead cat bounce,” indicating a potential bear‑trap.
Why it matters: Crypto investors face heightened risk as $670 M of long positions liquidated and exchange inflows surge; traders expect a bounce if PMI and Nvidia data support buying.
