Bitcoin Price Surge Fuels Debate Over Bull Trap or Genuine Reversal

The recent surge in Bitcoin price has sparked debate among analysts about whether it's a sign of a new bull market or just a temporary rally. According to Glassnode, an on-chain analytics platform, the bear market may be over, with many recent buyers already above their breakeven prices.

However, not everyone is convinced that this is a genuine reversal. Aksel Kibar, a former fund manager, notes that Bitcoin price must rally above its 365-day Moving Average (MA) to confirm a macro bull market.

The significant $BTC withdrawals from crypto exchanges have coincided with renewed demand from institutional investors, including BlackRock's iShares Bitcoin Trust and Strategy Inc. These investments total over $4 billion in the past two weeks.