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BlockNews
Home CRYPTO

Bitcoin is Forming A Bearish Engulfing Pattern Raising Concerns of a $60,000 Retest

Michael Juanico by Michael Juanico
October 23, 2024
in CRYPTO, OPINION
Reading Time: 3 mins read
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  • Bitcoin’s repeating bearish engulfing trend and spot ETF outflows boost odds of sub-$60K BTC
  • Bitcoin forms a daily bearish engulfing candle, historically indicating a potential reversal
  • Spot Bitcoin ETFs saw $79M in outflows, signaling institutional investors taking a pause

Bitcoin has formed a bearish engulfing candle on the daily chart, indicating a potential reversal in the short-term or long-term. This bearish pattern has a 60-70% success rate and comes after Bitcoin failed to move above $70,000 on October 21.

Previous Engulfing Candles Preceded Steep Drops

Over the past seven months, each bearish engulfing pattern near a range high has been followed by a steep correction. The drawdowns became progressively deeper after each occasion, with prices dropping as much as 26% between July 29 to August 5.

Bitcoin $BTC is Forming A Bearish Engulfing Pattern Raising Concerns of a $60,000 Retest 👇https://t.co/QDD5XTnzeb

— BlockNews.com (@blocknewsdotcom) October 23, 2024

Futures Market Impact on Spot Prices

Bitcoin’s futures and derivatives market has played a significant role in recent price action, with open interest exceeding $40 billion as prices rallied to $69,000. However, negative spot orderbook CVD continues to plague Bitcoin, highlighting a lack of spot buyers on exchanges. Historically, elevated open interest, negative spot CVD, and a bearish engulfing pattern result in downside for Bitcoin. A drop to $60,000 would align with this setup.

Institutional Investors Pull Back

With Bitcoin failing to move above $70,000 on October 21, institutional investors may be tapping the brakes, as Bitcoin ETFs saw an outflow of $791 million on October 22. This comes after $26 billion of inflows were added between October 10 and October 22. The cooldown indicates some institutions are sidelined with Bitcoin struggling at a key resistance level.

Conclusion

Bitcoin’s technicals and market dynamics point to an increased chance of a pullback. The historical data shows bearish engulfing candles near local highs preceded significant corrections of 20% or more. Institutional outflows also signal reduced buying pressure at current levels. Bitcoin may need to establish support near $60,000 before another leg higher.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: bearishBitcoinbitcoin etfsinflowsoutflow
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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