Bitcoin (BTC) recently broke through the $76,000 mark for the first time in over two months, resulting in $285 million in leveraged short liquidations. This rally coincides with a shift in the US Federal Reserve's strategy towards balance sheet expansion, which may provide the necessary liquidity to boost Bitcoin and other risk markets. Investors are increasingly turning to scarce assets, driven by geopolitical tensions, particularly the ongoing war in Iran, and rising oil prices, which have stabilized around $95 after peaking at $104. The correlation between Bitcoin's price movements and the S&P 500 suggests that macroeconomic factors are at play. Analysts caution that while the recent surge is notable, it could represent a bull trap, especially if inflationary pressures persist and oil prices remain elevated. The Fed's new approach, initiated in January, aims to support risk markets and reduce competition for US Treasuries, potentially benefiting Bitcoin's price stability. Despite the recent gains, traders are hesitant to take profits, with the market showing little incentive for significant sell pressure unless oil prices drop. Overall, the combination of expansionary monetary policy and inflation concerns makes it challenging for Bitcoin bears, suggesting a low likelihood of a successful bull trap.