Bitcoin (CRYPTO: BTC) holding near $70,000 has renewed optimism among retail traders after a sharp first-quarter decline.
Counter-Trend Rally Concerns
In his Apr.8 podcast, macro analyst Benjamin Cowen described Bitcoin’s recent price action as a “textbook” counter-trend rally, warning that such moves often trap late buyers before a larger decline resumes.
He noted that Bitcoin is approaching a key bear market resistance band, the 20-week simple moving average and 21-week exponential moving average, currently near $78,000 to $79,000 and trending lower.
Historically, in prior cycles such as 2014, 2018, and 2022, Bitcoin has …