Bitcoin (BTC) teased a fresh break below $66,000 on Tuesday after a bounce sparked a classic bull trap.
Key points:
- Bitcoin appears to be forming a classic bull trap after surging past $68,000.
- A negative Coinbase Premium is emerging, adding to several warning signs around BTC’s price movement.
- Markets are also awaiting a press briefing from US Secretary of War Pete Hegseth ahead of the Wall Street open.
Bitcoin has given back its recent gains after a brief move higher
Data from TradingView shows BTC price action returning to local lows after momentarily pushing above $68,000 following the daily close.
Analyzing spot-market cumulative volume delta (CVD), X analytics account JDK Analysis cautioned that recent buyers were already sitting on losses.
“Earlier, the price bounced as aggressive new longs attempted to catch a rebound, only to get trapped at the highs once again,” it noted.
“Spot selling (real supply), while longs keep opening (adding fuel). If anything, that’s a bull trap.”
Independent analyst Filbfilb pointed to weak US demand—highlighted by a negative Coinbase Premium—as a reason to remain cautious.
Following a “second strong rejection,” he told subscribers on Telegram that sluggish price action during US trading hours was not an encouraging sign near the lows.
As previously reported, the Coinbase Premium tracks the price gap between Coinbase’s BTC/USD pair and Binance’s BTC/USDT pair. According to data from on-chain analytics platform CryptoQuant, it has only turned positive briefly since October 2025.
Traders increasingly anticipate a BTC price decline
Geopolitical tensions continued to shape market sentiment, with the US Department of War set to deliver a press briefing at 8 a.m. Eastern Time.
The announcement comes amid ongoing uncertainty surrounding oil flows through the Strait of Hormuz.
Meanwhile, WTI crude oil surged above $106 at the start of the week—its highest level since March 9—before easing slightly.
With stock markets under pressure, crypto trader Michaël Van de Poppe suggested it may be more a question of “when” rather than “if” Bitcoin’s price will decline.
“It’s becoming increasingly clear that every upward bounce is quickly rejected,” he wrote on X, echoing Filbfilb’s outlook.
“Trend is also still downwards, so I would suggest that early April we’ll be sweeping the lows to get that liquidity going and return back upwards after that.”
