Bitcoin$BTC

, despite bearish forecasts, seems to have managed to break through the $66,000 level. In addition, technical data is also showing an upward movement. This development means that a potential bullish forecast for Q4 2024 is confirmed.

Although the bulls continue to gain strength, the price is stuck in a downtrend. Therefore, the question of whether the next price move will be bullish or a trap is causing confusion among investors. The BTC price is facing some upward pressure that has pulled levels below the range. While market participants are viewing this as an accumulation opportunity, from a broader perspective, it seems that the bears may be preparing for a major price drop.

As mentioned earlier, the BTC price remains in a downtrend as it has failed to break through the resistance. During the 2021 bull run, the price was trading above the resistance, but at that time the trend was bullish; now it is in a downtrend. Technical data suggests that an upward move is imminent, as the weekly MACD and DMI are in an uptrend. In this context, a small increase above $68,000 is possible; however, it is also possible that this move was set up by the bears as a trap.

The 2024 Bitcoin capitulation event has been confirmed and could happen in the near future; this could continue for a few more days. Therefore, the price is expected to continue to rise and reach resistance around $67,800. If the bulls fail to break this level, this could be the peak of the current rally. A pullback from here could likely result in a pullback to lower levels, below $50,000.