Bitcoin has pulled back from its recent high, and the “bull trap” debate is back. The key level remains the 50-week SMA. BTC is still trading above it, and as long as price continues to hold above this trend line, the broader structure remains consistent with a bull-market transition. One important nuance: the 50W SMA is currently around $77K and still trending lower. That means BTC could have a sharp correction in the coming weeks and still remain above the moving average itself. So the level to watch is dynamic. Consolidation after a breakout does not invalidate the trend.