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Beware of Risks of Major Bitcoin Pullback
The daily chart closed with a small bearish candlestick with an upper shadow, failing to successfully hold above 74,800. Instead, it surged and pulled back, which could be viewed as a false breakout trap for bulls.
Looking at the 4-hour timeframe, examining the bullish volume momentum curve: price rebounded from 60,000 to 76,000, with bullish volume showing a gradual declining trend. This indicates that bullish momentum is exhausting and confidence is waning.