Bitcoin is facing a potential price dip of 10-15% after experiencing a significant rejection near $89,000, particularly at the key 200-day simple moving average (SMA). The cryptocurrency reached new April highs of $88,874 but has cooled off as market traders note overbought conditions indicated by the stochastic RSI. These technical signals suggest a trend reversal, especially since past occurrences of high stochastic RSI values have led to corrections of similar magnitudes. Traders are also observing macroeconomic influences on Bitcoin's price, including the performance of the S&P 500, which suggests downward momentum. While some traders express skepticism about a bull trap, others are optimistic, citing whale accumulation and rising premiums on exchanges as positive indicators.

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