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Bitcoin is pushing into a technically important area, with price tightening against resistance and a larger move in either direction looking increasingly likely. BTC is trading around the $73,000–$74,000 range, showing a rough 5–6% short-term gain, signaling a steady recovery phase in the market. The setup looks constructive on the surface, but analysts who have navigated previous cycles know this is precisely where markets tend to be most deceptive.

BTC Beyond the Double Bottom Formation

Crypto analyst Rekt Capital has explained that Bitcoin is attempting to break above the neckline of a developing double bottom formation near $72,810. A weekly close above this level or a successful retest could confirm a breakout, opening the path toward $81,000–$82,500.

He warns that similar setups in earlier bear-market phases have appeared convincing but ultimately failed. This means even if Bitcoin breaks out, the move could still turn into a bull trap if momentum doesn’t hold.

What Confirms the Breakout?

Analyst stresses two confirmation signals:

A weekly close above $72,810, showing strength

Or a retest of that level as support (price dips, holds, then moves up)

Without these, the breakout is not reliable.

These are his three main risks:

Rejection at resistance = Price fails to break $72,810

Fake breakout = Price breaks out but fails the retest and drops

Weak follow-through = Price breaks out but doesn’t reach the target and loses peak

Make-or-Break Moment Builds

At the same time, crypto analyst Ali Martinez says that Bitcoin is once again testing the 100-day simple moving average, a level that has triggered major rejections in the past. Previous encounters with this resistance resulted in sharp corrections of up to 40%.

If Bitcoin faces another rejection here, it could form a triple top pattern, potentially dragging price back toward the $59,800 range. However, a clean break above this level would reinforce the bullish case and signal that the broader correction phase may be ending.

Santiment data shows nearly $297 million in Bitcoin ETF outflows, indicating rising panic among retail investors. Interestingly, such outflows have historically aligned with buying opportunities, while strong inflows tend to mark local tops.

Hence, Bitcoin can rally, but unless it proves strength after the breakout, this could turn into another bull trap rather than the start of a sustained uptrend.

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Filed under: Bitcoin - @ April 16, 2026 5:22 am