MEXCBitcoin (BTC) Price Forming A Super-Bearish Pattern, But There’s A Catch
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 market, the 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 a yearly close below $14k in order to confirm a breakdown. Before that point, the bearish candlestick cannot be established.
#BTC is forming a Bearish Engulfing candlestick formation on the Yearly chart
But for this BE formation to fully validate, $BTC would need to perform a Yearly Close below ~$14k (black) to confirm a breakdown
Until then, the bearish candlestick is not confirmed#Crypto #Bitcoin pic.twitter.com/uZYBkcw3Yz
— Rekt Capital (@rektcapital) December 31, 2022
Crypto Faces Another Sell Pressure?
In another major development, extensive research into crypto exchange’s netflow and historical indicators, show a number of prominent hypotheses. According to the data, the 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 future 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
- $2.5T Citigroup Partners With Coinbase to Enable Stablecoin Payments
- Who Will Be the Next Fed Chair? Scott Bessent Confirms Final Five Candidates
- Mt. Gox Delays Repayments to 2026 as Trump-Backed American Bitcoin Adds 1,414 BTC
- Crypto ETFs Attract $1B in Fresh Capital Ahead of Expected Fed Rate Cut This Week
- Breaking: Michael Saylor’s Strategy Adds 390 BTC to Holdings as Bitcoin Surges Past $115k
- Polymarket Traders Bet Ethereum Price to Hit $5,000 as Bullish Pattern Forms
- Dogecoin Price Prediction As Whales Scoop Over $300 Million- Is A Bull Run Ahead?
- Pi Coin Price Jumps 24% as 10M Tokens Exit Exchanges – Can Bulls Sustain the Momentum?
- Bitcoin Price Prediction If President Trump Announces Deal with China on October 30th- Can BTC Break $125k?
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
