Bitcoin (BTC) Price Is Forming Bearish Pattern, But There’s a Catch – Crypto News – Crypto News
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Bitcoin (BTC) Price Is Forming Bearish Pattern, But There's a Catch Bitcoin (BTC) Price Is Forming Bearish Pattern, But There's a Catch

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Bitcoin (BTC) Price Is Forming Bearish Pattern, But There’s a Catch – Crypto News

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3 years ago

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The price of Bitcoin (BTC) has, for the most part, continued to trend horizontally without exhibiting any notable volatility as the year comes to a close. And despite the fact that things have settled down on the cryptocurrency marketthe repercussions of the failure of ftx are still being felt throughout the sector as a whole.

Will Bitcoin (BTC) Price Dump?

According to a crypto trading analyst, who goes by the pseudonym Rekt Capital on Twitter, noted that a Bearish Engulfing (BE) candlestick was getting formed on Bitcoin’s yearly chart.

Read More: Ripple’s XRP Price In Danger Zone, Will It Go Up Or Crash Down Harder?

However, in order for this BE formation to be fully validated, BTC needs to conduct an annual close below $14k in order to confirm a breakdown. Before that point, the bearish candlestick cannot be established.

Crypto Faces Another Sell Pressure?

In another major development, extensive research into crypto exchanges Netflow and historical indicators show a number of prominent hypotheses. according to the datethe netflow will eventually become positive once it advances closer and closer to zero.

This results in a lower number of buyers and a greater number of sellers. It is likely that at the same time that it turns positive, a local peak will be observed, followed by an increase in the amount of selling pressure on the futures market. This can lead to a continuation of the downward trend and the loss of support that is currently in place.

As things stand, the Bitcoin (BTC) price is currently being traded at $16,592. This represents an increase of 0.39% on the day, in contrast to a decline of 1.54% during the week as per crypto market tracker. CoinMarketCap,

Also Read: Top 10 DeFi Lending Platforms In 2023

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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