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Market Update: Bitcoin's recent surge above $4,000 has sparked renewed optimism. However, traders should be cautious as the cryptocurrency's short-term momentum may be driven by short squeezes rather than fundamental changes. A closer look at the charts suggests that BTC is still trading within a broader downtrend, and a pullback to $3,500 could be on the cards.

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Stay informed and exercise caution amidst Bitcoin's upward movement. Understanding the market trends is key to navigating potential risks effectively.