Decrypt warns BTC rebound may be a bull trap amid persistent risk-off sentiment

Bitcoin has recently rebounded, but the move could be a bull trap, Decrypt said. Global markets have seen broad risk-off sentiment, with the Kospi falling more than 8% shortly after the open, and the crypto market has declined in tandem, according to the outlet. Ahead of the FOMC meeting, concerns remain over hawkish moves by incoming Fed Chair Kevin Warsh, along with ongoing deleveraging. From a technical standpoint, BTC’s 50-day and 200-day moving averages have formed a death cross, while a declining relative strength index suggests additional downside pressure. On prediction market Myriad, 65.7% of traders betting on BTC expect it to reach $55,000 before $84,000, Decrypt reported.