Bitcoin (BTC) flirted with another break below $66,000 on Tuesday after a late spike above $68,000 trapped buyers and reversed, leaving price action targeting local lows.
Key points:
– A spike above $68,000 set up a classic bull trap.
– Negative Coinbase Premium and spot selling are reasons for caution.
– A US Department of Defense press briefing by Secretary Pete Hegseth is scheduled before Wall Street opens.
Price action and order-flow signals
TradingView data showed BTC briefly exceeding $68,000 after the daily close before rolling back toward recent lows. Spot-market cumulative volume delta (CVD) highlighted that aggressive late-long entries were getting trapped at the highs, with real spot selling absorbing those longs.
JDK Analysis warned that spot selling reflected real supply while longs continued opening, characterizing the move as a bull trap. Independent analyst Filbfilb pointed to a negative Coinbase Premium—meaning Coinbase’s BTC/USD lagging Binance’s BTC/USDT—as evidence of weak US demand and a warning sign during US trading sessions after a second strong rejection.
Market context and macro drivers
Geopolitical uncertainty remained a dominant influence. The US Department of Defense had scheduled a press briefing at 8:00 a.m. ET, and markets were parsing developments tied to tensions affecting oil flows through the Strait of Hormuz. WTI crude climbed above $106 this week before easing slightly, keeping risk assets under pressure.
Sentiment and trader views
With equities on edge, traders expressed growing conviction that lower levels for Bitcoin are likely. Crypto trader Michaël Van de Poppe noted that upward bounces were repeatedly slammed down and suggested the trend remained downward, forecasting a liquidity sweep of the lows in early April before a potential rebound.
Conclusion
Technical and on-chain signals—spot selling, negative Coinbase Premium and trapped late buyers—alongside geopolitical risk and higher oil prices, left traders cautious and increasingly focused on downside scenarios for BTC in the near term.
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