**Bitcoin's Rollercoaster Ride: Bear Trap or Bullish Rebound?**

Bitcoin's price took a nosedive, dropping over 25% during the global market turmoil on Aug. 5. But don't panic just yet—signals suggest this could be a bear trap, with potential for a new record high in 2024.

**Key Indicators:**

- **Bullish Divergence:** BTC's price hit lower lows since July, while its weekly RSI formed higher lows, hinting at weakening downward momentum.

- **Doji Candlestick:** This pattern, seen last week, often signals a potential trend reversal.

- **Bull Flag Pattern:** Increased trading volumes near the lower trendline suggest a rally toward $66,500 by September.

**Whale Activity:**

- Bitcoin whales have withdrawn the most BTC from exchanges since 2015, a bullish sign indicating long-term holding.

**Macroeconomic Factors:**

- CME data shows 100% confidence in a Fed rate cut in September, which could boost Bitcoin.

- All eyes are on the upcoming inflation data, with Fed Governor Michelle Bowman expressing caution on rate cuts.

Stay tuned as the crypto market navigates this uncertain terrain!