Bitcoin Hits $83K, But Is It a ‘Bull Trap’? Crypto Experts Sound Alarm

Bitcoin’s recovery to $83,000 has sparked excitement across the crypto markets. This news comes as a ray of hope for cryptocurrencies, especially after the Bitcoin price fell to $74,000 during the Black Monday crash. But experts are warning that this rally could be a “classic bull trap.” According to QCP Capital, a leading crypto trading company, the ongoing US-China trade war may soon reverse the bullish trend. 

QCP Capital Warns of Beijing’s Counter-Maneuver 

In its latest update on Telegram on April 10, QCP Capital warned its subscribers not to be overconfident in the recent price recovery. The rally was fueled by U.S. President Donald Trump’s decision to pause the new tariffs for most countries. Beijing, however, remains at the centre of the battleground as the US-China Trade War ensues.

“With China singled out so explicitly, market participants are bracing for Beijing’s counterpunch,” QCP stated. “Should retaliation materialize in force, the exuberant rally could quickly morph into a classic bull trap.” QCP continued to say that this rise in the price is due to the temporary policy pause. “Our desk continues to observe topside selling in May and June, suggesting that market makers are using the rally as an opportunity to offload unwanted positions.”

Experts Note Potential Opportunity for Bitcoin Price to Soar

In a post on X, Sina, co-founder of asset management firm 21st Capital, said, “China’s beginning currency devaluation is more than just an economic signal, it’s a trigger. Historically, when the yuan weakens, capital doesn’t stay put. It escapes. Some of it flows into gold, some into foreign assets, and a meaningful slice finds its way into Bitcoin.” Historically, when the yuan weakens, capital doesn’t stay put. It escapes. Some of it flows into gold, some into foreign assets, and a meaningful slice finds its way into Bitcoin.” 

This view aligns with Arthur Hayes’ prediction that PBOC will devalue the yuan, which will further boost investments in Bitcoin, “the ultimate hedge against inflation”. With these conditions and polarizing opinions coming to the forefront, let’s take a look at the Bitcoin price performance in the last 24 hours to identify potential patterns and trends.

No deal, PBOC continues a very gradual yuan weakening. Shit ‘bout to get spicy. Luckily $BTC loves money printing and associated ccy weakness. pic.twitter.com/RcVkSj54O3

— Arthur Hayes (@CryptoHayes) April 10, 2025

BTC Price Analysis: Bitcoin Stabilizes Near $83K

Bitcoin started trading at $76,100. It was first seen in a narrow trading range between $74,630 and $77,700. With a slight correction and an oversold RSI, Bitcoin formed a stable uptrend, testing the $77,700 resistance. With a few attempts and a correctional phase, Bitcoin ascended, going beyond the resistance at 14:15 UTC. A slight downturn ensued, but a massive golden cross formed at 16:05. This golden cross ignited a huge spike as the Bitcoin price skyrocketed to $82,990 from $78,290 within an hour. 

Chart 1 – Published on TradingView, April 10, 2025

With the RSI now overbought, a slow price correction followed. However, the buying pressure persisted as Bitcoin climbed further to test the $83,650 resistance. Failure to break across led Bitcoin on a gradual downtrend as it fell to find support at $81,530. Since then, Bitcoin has attempted upward movements but has lacked adequate buying pressure. The Bitcoin price currently faces resistance at $82,300.

BTC Price Prediction: Can Bitcoin Breach $85,000 Today?

Bitcoin’s progress today has been impressive, showing bullish sentiments in the market. Now trading between $81,000 and $83,000, Bitcoin does have a strong, close support to attempt positive movements. But the RSI is very sensitive as of now, foraying into the overbought zone with slight upward advances by the Bitcoin price. Given that, the support may be tested repeatedly. Bitcoin looks poised to give up on the $81,350 support if a meaningful uptrend fails to form.