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Bitcoin (BTC) Price Forming A Super-Bearish Pattern, But There’s A Catch

According to data, the Bitcoin (BTC) price is forming a bearish trend that can propel the coin down further if this one condition is met.
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Bitcoin (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.

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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.

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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

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Pratik Bhuyan

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.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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