BTC slides below $66K as bull trap hits before US briefing

• Bitcoin experienced a sharp rejection after briefly rising above $68,000, leaving late buyers in a vulnerable position as the price fell back toward $66,000.
• A negative Coinbase Premium and aggressive long positions being trapped suggest a lack of sustained institutional demand in the United States.
• Geopolitical uncertainty remains high as markets await a press briefing from US Secretary of War Pete Hegseth amid volatile oil prices.

Rejection at Key Resistance Levels

On Tuesday, Bitcoin (BTC) failed to maintain its momentum after a temporary spike above the $68,000 mark. This move turned into a classic bull trap, as the price quickly reversed, targeting local lows below $66,000. Data from TradingView confirmed that the bounce following the daily close was short-lived. Analysts from JDK Analysis noted that aggressive traders who entered long positions during the rebound were caught at the highs, leading to immediate unrealized losses as the market shifted downward.

Declining US Demand and Technical Warnings

Technical indicators further support a cautious outlook. Independent analyst Filbfilb highlighted the significance of a negative Coinbase Premium, which represents the price gap between Coinbase’s BTC/USD and Binance’s BTC/USDT pairs. According to CryptoQuant, this premium has struggled to stay positive since October 2025, signaling weak demand from US investors. Filbfilb observed that every attempt to bounce is being met with selling pressure, particularly during US trading sessions, which he characterized as a discouraging sign for those hoping for a bottom.

Geopolitical Tensions and Macro Volatility

External factors are heavily influencing market sentiment. The US Department of War is scheduled to hold a press briefing at 8 am Eastern time, featuring Secretary Pete Hegseth. This announcement comes at a time of heightened concern regarding global energy security and the status of oil shipments through the Strait of Hormuz. WTI crude oil recently surged above $106, its highest level since March 9, before seeing a slight correction. Trader Michaël Van de Poppe echoed the general market anxiety, suggesting that further downward movement for Bitcoin appears likely as every minor recovery is met with significant resistance.