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Bitcoin (BTC) continued its bounce from its 2021 opening price on Wednesday, hitting $31,600 in what some fear is just a temporary reprieve from the downside.

“Short the bounce?”
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it gained a respectable 7% during Wednesday.

Bulls had successfully defended the largest cryptocurrency against further losses at just above $29,000 — the price at which the market began the year.

As Cointelegraph reported, however, concern is running high over current strength being a “relief rally” — not a true comeback after a price floor.

“It’s still ‘short the bounce’ season,” popular analyst and podcast host Nebraskan Gooner summarized to Twitter followers.

Veteran trader Peter Brandt concurred, suggesting that Bitcoin would need another shock leg down before the genuine return to form kicked in.

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