Bitcoin Rebounds to $74,000 Before Retreating to $70,000 as Traders Debate Bull Trap Risk

Bitcoin climbed to $74,000 on March 6 before easing back to about $70,000, triggering disputes among market participants over whether this zone marks a short-term peak, ChainThink reports. Some analysts cited similarities between the current structure and the midstage of the 2022 bear market, noting that after Bitcoin hit $126,000 in October 2025, a rebound high followed roughly 149 days later, a timing pattern they say aligns with the past two cycles, and some traders argue the latest move may be a liquidity-driven rally that could see prices fall below $60,000 or retest the $62,000–$65,000 liquidity band. Other analysts take the opposite stance, pointing out that unlike in 2022, the recent correction did not decisively break the 200-week exponential moving average but instead bounced after testing it, and they highlight continued institutional spot ETF inflows and tightening supply as support, adding that as long as $70,000 holds as key support, the market may still attempt a new leg higher toward the $75,000–$80,000 range.