Bitcoin: Relief Rally Meets ResistanceBitcoin / TetherUSBINANCE:BTCUSDTDukesMarketAnalysisRelief Rally Continues Bitcoin has rallied from the $58,000-$60,000 demand zone and is now testing the former $62,300 support, which is acting as resistance. Price has also pushed into the flattening 100/50-period EMAs, creating an important confluence area. Volume Offers Encouragement Buying volume fuelled the initial recovery, but volume has since declined as price consolidates near the recent highs. This can often suggest sellers are not yet becoming aggressive, leaving room for the rally to extend, although caution remains warranted. Trend Has Yet to Change Despite the strong bounce, the 100/50-period EMAs remain bearishly crossed, meaning the broader trend still favours the bears. Bulls need a decisive break above $62,300, followed by $65,622, before a genuine trend reversal can be considered. Bull Trap Risk Remains While the current consolidation is constructive, a breakdown below the week-long trading range on increasing bearish volume could confirm this move as a bull trap. That would likely shift momentum back in favour of the bears and increase the probability of a retest of the recent lows. In Summary Bitcoin has staged an encouraging recovery from support and is now consolidating beneath a major resistance cluster. Declining volume during the pause may allow the rally to extend a little further, but the broader trend remains bearish while price sits below key resistance. A bullish breakout would improve the outlook, whereas a breakdown from the current range on stronger selling volume would likely confirm another leg lower.