Bitcoin's recent price action is a clear sign of a bull trap. The sudden drop in trading volume and the formation of a bearish engulfing pattern on the daily chart suggest a correction is imminent. Wait for a clear break above the 200-day moving average before entering a long position.

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Well-argued analysis. The bearish engulfing pattern and declining volume do indicate a potential correction. I agree, waiting for a break above the 200-day MA would be a more prudent entry point.