“This is merely a rally within a bear market,” Wall Street analysts commented on Bitcoin’s recent surge above the $74,000 mark. Despite the local success, experts remain skeptical, noting that the token is still trading 40% below its historical high of $126,000 set in October.

According to Ed Engel of Compass Point, the current growth is driven not by real buyer interest, but by massive short covering in derivatives markets. He noted that spot trading volumes remain at multi-year lows, signaling weak underlying demand.