Bitcoin has climbed back above $73,000 after several weeks of consolidation, but the breakout has not convinced all market participants that a sustained rally is underway.

The world’s largest cryptocurrency pushed past the $73,000 mark this week, reclaiming a key psychological level that had capped price action in recent sessions. Despite the move higher, traders remain cautious, with some warning the surge could ultimately turn into a bull trap.

A bull trap occurs when prices briefly break above resistance, drawing in buyers before reversing sharply lower. Some analysts believe the current rally could face selling pressure between $72,000 and $76,000, a zone where previous trading activity suggests there may be significant supply.

The skepticism stems partly from Bitcoin’s recent price history. Earlier this year, the asset appeared to break out of a consolidation range before quickly reversing. The sudden decline caught many traders off guard, triggering liquidations and sending the price from roughly $98,000 down to around $60,000 in a matter of weeks.

However, the current market environment also presents a different dynamic. Warnings about a potential bull trap have become widespread among traders and analysts across social media and trading forums.

When bearish expectations become too crowded, markets can sometimes move in the opposite direction. If Bitcoin continues to climb, short sellers who bet against the rally could be forced to close their positions, potentially fueling further upside through short-covering.

Broader macroeconomic factors are also shaping investor sentiment. Rising geopolitical tensions tied to the Iran conflict have pushed gold prices higher and increased concerns about oil supply disruptions. Some Asian equity markets have also begun to show signs of weakness.

According to Radu Tunaru, a professor of finance and risk management at Henley Business School, geopolitical events have historically played a role in triggering broader market turbulence. He points to the 1987 Black Monday crash, which he believes was partly influenced by U.S.–Iran tensions that initially rattled Asian markets before spreading globally.

For now, Bitcoin’s return above $73,000 has revived bullish momentum, but the next phase of price action will likely determine whether the move signals the start of a stronger uptrend or proves to be another short-lived breakout.