Bitcoin price surged above $66,000 as it heads towards the end of the monthly trade, flipping the bearish narrative. The technicals have also flipped to bullish, validating a potential bullish narrative for Q4, 2024. Regardless of the growing strength of the bulls, the price remains stuck within a descending trend. Hence, raising concerns over the next price action, which may be bullish but also could be a trap as well.
After printing a couple of bullish candles, the BTC price is facing some upward pressure, which has dragged the levels below the range. While the market participants look at it as an opportunity to accumulate, from a wider perspective, the bears could be gearing up for a massive price slash.
As mentioned before, the BTC price remains stuck within a descending trend as it is unable to surpass the resistance. During the 2021 bull run, the price traded along the resistance; however, the trend was rising then and currently it is dropping. Now that the technicals have turned bullish as the weekly MACD & DMI are about to display a bullish crossover, a small rise beyond $68,000 could be on the horizon. However, this move could be yet another trap set by the bears.
The 2024 Bitcoin capitulation event is confirmed and is getting very close, which may continue for a few more days. Therefore, the price is expected to continue to rise and reach the resistance at around $67,800, which could mark the peak of the current rise if the bulls fail to breach the levels. A rejection from here may cause a pullback towards the lower range, probably below $50,000.
Currently, the market dynamics are bullish as the Bitcoin (BTC) price is entering the Q4 trade, which has been attracting massive gains in the past few years. Therefore, the market participants are expected to remain vigilant, as the markets are believed to display vibrant moves hereafter.
