Bitcoin (BTC), the world’s biggest cryptocurrency by market cap appears bearish and might experience a significant cost decrease in the coming hours or days. On October 18, 2024, BTC hinted at a possible rate correction as it formed a bearish candlestick pattern at a strong resistance level.
Bitcoin (BTC) Technical Analysis and Upcoming Levels
According to specialist technical analysis, BTC is presently dealingwith strong resistance at the upper limit of a comingdown channel pattern. Since March 2024, BTC has reached this level more than 6 times, experiencing noteworthy selling pressure and a cost decrease of over 20% each time.
However, the development of a bearish engulfing candlestick pattern on the day-to-day time frame recommends a comparable rate decrease in the coming days
Besides this bearish outlook on the day-to-day time frame, a closer appearance at the BTC chart on the four-hour timeframe reveals that the world’s biggest cryptocurrency is presently finding assistance at the $66,700 level. Additionally, BTC hasactually been combining inbetween $66,700 and $68,000 over the past 2 trading days.
Based on the current cost momentum, if BTC breaks the lower limit of the combination zone and closes a day-to-day candlelight listedbelow the $66,500 level, there is a strong possibility that the possession might decrease by over 6% to reach the $62,500 level.
Bearish Sentiment Confirmed by On-Chain Metrics
BTC’s unfavorable outlook is evenmore supported by on-chain metrics. According to the on-chain analytics company Coinglass, BTC’s Long/Short ratio presently stands at 0.96