Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Solana to get a big design prevention

2025-05-22

Avalanche rises 11% to $ 25 NA FIFA reveals blockchain and Vaneck Eyes Fund

2025-05-22

Solana (SOL) strives higher with strong copper support, next stop $ 200?

2025-05-22
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
Facebook X (Twitter) Instagram
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain

    Solana to get a big design prevention

    2025-05-22

    World3 Powers AI-driven Governance on-Chain with Quack AI

    2025-05-22

    Validation Cloud implements AI -Engine on Hedera

    2025-05-22

    Sony announces the Mavet launch of Soneium Blockchain

    2025-05-21

    Nitro Labs launches data anchor to lower the storage costs of Solana

    2025-05-21
  • NFT

    FIFA starts Avalanche L1 to Power Soccer NFT Collectibles Platform

    2025-05-22

    Guild of Guardians leads with a huge volume of $ 796.62k

    2025-05-20

    Solana Meme Coin Ponke Set to release assembly objects, clothing via Jcorp Spinout

    2025-05-19

    The most popular collections of the moment on blockchain

    2025-05-18

    Raoul Pal sees NFT market exploding when Ethereum Bull Cycle is approaching

    2025-05-17
  • Metaverse

    Shib: The Metaverse – Part of the expanding Shiba Inu ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Human Digital Life

    2024-12-13

    Exploring NetVRk: What’s Behind This AI-Powered Virtual Universe?

    2024-10-28

    Council of Europe emphasizes the impact of Metaverse on privacy and democracy

    2024-09-05
  • Analysis

    Solana (SOL) strives higher with strong copper support, next stop $ 200?

    2025-05-22

    Bitcoin price reaches new all time above $ 111,000

    2025-05-22

    Analyst predicts huge Bitcoin outburst based on one gold graph, sees the Altcoin market following

    2025-05-22

    Bitcoin price rays to New All Time Bulls takes the lead

    2025-05-22

    Mike Novogratz says that weakening dollars, broadening the shortage and the deteriorating financial situation of America ‘very good’ for Bitcoin and Crypto

    2025-05-21
  • Learn

    What Is a DEX (Decentralized Exchange)?

    2025-05-21

    Blockchain Explained: What It Is, How It Works and Why We Need It

    2025-05-21

    Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

    2025-05-16

    Token vs. Coin: Key Differences You Must Know as a Beginner

    2025-05-15

    Inside Changelly: 10 years of steadfast support and compliance

    2025-05-15
  • Blog
  • Contact
    • Tech7685@gmail.com
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Bitcoin»Bitcoin Price Shows Bearish Engulfment After Breakout, Here’s How Far the Price Could Crash
Bitcoin

Bitcoin Price Shows Bearish Engulfment After Breakout, Here’s How Far the Price Could Crash

2024-10-23No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

This article is available in Spanish.

Bitcoin price action raises concerns after a failed attempt to break past critical resistance levels. while bearish signals are now emerging. According to an analysis shared by analyst RLinda on TradingView, Bitcoin could be on its way to reversing last week’s gains and correcting heavily due to the formation of a bearish engulfing pattern.

Failed push above $69,000 marks a bearish reversal for Bitcoin

R Linda’s analysis of the Bitcoin price trajectory is based on a new bearish engulfment candlestick pattern developing in the daily candlestick time frame. Last week, Bitcoin had a remarkable rally that pushed the cryptocurrency forward a strong buying zone approximately $68,900.

Related reading

Despite the bullish momentum, Bitcoin bulls were unable to push the price through the $69,000 resistance zone, repeatedly getting rejected as the cryptocurrency pushed towards this level.

RLinda’s analysis noted this inability to move up led to the formation of a bearish engulfment pattern over the past three daily candlestick bars, which could be a sign that the sellers are regaining control.

The bearish engulfment pattern, where the last candle completely engulfs the previous day’s candle, is a strong reversal signal indicating that upward momentum has exhausted itself. This pattern, combined with the inability to reach the $69,000 zone, indicates that Bitcoin may be in for a deeper correction.

RLinda’s goes further, highlighting that the recent rally appears to have been a false breakout from the descending resistance trendline that has been in place since Bitcoin hit its all-time high of $73,737. The descending trendline has acted as a ceiling for Bitcoin price increases since March. Although last week’s rally initially appeared to break through, the subsequent rejection suggests the breakout was not sustainable.

See also  Altcoins is set at 92% - Is Bitcoin's dominance left?

Given this, the analyst notes that Bitcoin has done so has now returned to a consolidation phase just below this trend line. As Bitcoin continues to consolidate, it increases the risk of a deeper correction.

Bitcoin price
Source:

How far can a Bitcoin price correction go?

Looking ahead, RLinda foresees a potential correction in Bitcoin’s price, with the initial target for a decline being around $65,000. Should this level not hold, further corrections could see Bitcoin fall to $61,000, $58,000 and possibly even $57,000.

Related reading

However, this bearish outlook is not set in stone. RLinda adds that the bearish structure could be negated if Bitcoin manages to break above $69,400. A break above would secure bullish momentum and a sustained breakout above the descending triangle.

At the time of writing, Bitcoin is trading at $66,670, down 0.6% in the past 24 hours. The current price action is consistent with RLinda’s prediction of consolidation below the falling resistance trend line.

In the meantime, the coming days could determine how much Bitcoin closes October (through) in the green zone. The resistance levels to watch are $66,500 and $65,000, while the support levels to watch are $68,400, $69,400, and $71,500.

Bitcoin price chart from Tradingview.com
BTC Price Still Below $67,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Source link

Bearish Bitcoin Breakout Crash Engulfment Heres Price Shows
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin’s realized cap adds $ 3B – this is why BTCs Rally is not over

2025-05-22

Bitcoin affects record $ 111k – This is what drives the power

2025-05-22

Bitcoin price reaches new all time above $ 111,000

2025-05-22

Bitcoin ready for price discovery after $ 109,000 breakout

2025-05-22
Add A Comment

Comments are closed.

Top Posts

Hype currency rises 105% in a month, will the ATH $ 35 drive?

2025-05-07

Blur solidifies reign in NFT space with 60% trading volume market share

2023-08-22

Gaming is crypto’s “biggest opportunity”: co-founder of Polygon

2023-05-25
Editors Picks

Fired at Yuga Labs = more crypto-native innovation and success (hopefully?)

2024-04-28

Solana Bulls aim for $20 or higher

2023-06-23

Ethereum L2 Arbitrum (ARB) Records Sudden Price Rise, Here’s One Possible Reason

2023-05-11

Seed Club’s Latest Cohort Focuses on Apps That ‘Feel Nothing Like Web2’

2023-09-22
About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Solana to get a big design prevention

Avalanche rises 11% to $ 25 NA FIFA reveals blockchain and Vaneck Eyes Fund

Solana (SOL) strives higher with strong copper support, next stop $ 200?

Get Informed

Subscribe to Updates

Get the latest news and Update from Free.cc about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
© 2025 Free.cc - All rights reserved. Contact: info@free.cc

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$110,754.302.15%
  • ethereumEthereum(ETH)$2,669.443.97%
  • tetherTether USDt(USDT)$1.00-0.07%
  • rippleXRP(XRP)$2.431.76%
  • binancecoinBNB(BNB)$686.024.29%
  • solanaSolana(SOL)$179.174.28%
  • usd-coinUSDC(USDC)$1.00-0.03%
  • dogecoinDogecoin(DOGE)$0.2417284.99%
  • cardanoCardano(ADA)$0.805.57%
  • tronTRON(TRX)$0.2782242.72%
  • suiSui(SUI)$3.950.28%
  • chainlinkChainlink(LINK)$16.805.12%
  • avalanche-2Avalanche(AVAX)$25.2810.05%
  • hyperliquidHyperliquid(HYPE)$31.4716.56%
  • stellarStellar(XLM)$0.3016983.26%
  • shiba-inuShiba Inu(SHIB)$0.0000154.46%
  • hedera-hashgraphHedera(HBAR)$0.2039103.30%
  • bitcoin-cashBitcoin Cash(BCH)$430.426.63%
  • unus-sed-leoUNUS SED LEO(LEO)$8.860.35%
  • the-open-networkToncoin(TON)$3.183.18%
  • polkadotPolkadot(DOT)$4.934.29%
  • litecoinLitecoin(LTC)$98.793.21%
  • moneroMonero(XMR)$405.6311.39%
  • pepePepe(PEPE)$0.0000154.39%
  • bitget-tokenBitget Token(BGB)$5.220.28%
  • piPi(PI)$0.820.52%
  • daiDai(DAI)$1.000.00%
  • ethena-usdeEthena USDe(USDE)$1.00-0.04%
  • bittensorBittensor(TAO)$473.0812.34%
  • uniswapUniswap(UNI)$6.452.47%
  • aaveAave(AAVE)$256.840.76%
  • nearNEAR Protocol(NEAR)$3.056.85%
  • aptosAptos(APT)$5.587.02%
  • ondo-financeOndo(ONDO)$1.026.00%
  • okbOKB(OKB)$52.791.01%
  • kaspaKaspa(KAS)$0.1183885.34%
  • official-trumpOFFICIAL TRUMP(TRUMP)$15.445.60%
  • internet-computerInternet Computer(ICP)$5.615.59%
  • ethereum-classicEthereum Classic(ETC)$19.614.58%
  • gatechain-tokenGateToken(GT)$21.760.68%
  • crypto-com-chainCronos(CRO)$0.1005623.62%
  • render-tokenRender(RENDER)$5.077.25%
  • vechainVeChain(VET)$0.0303515.42%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2498716.55%
  • mantleMantle(MNT)$0.762.21%
  • ethenaEthena(ENA)$0.4131343.30%
  • worldcoin-wldWorldcoin(WLD)$1.4225.26%
  • usd1World Liberty Financial USD(USD1)$1.000.00%
  • arbitrumArbitrum(ARB)$0.4312237.37%
  • algorandAlgorand(ALGO)$0.2403085.56%
  • bitcoinBitcoin(BTC)$110,754.302.15%
  • ethereumEthereum(ETH)$2,669.443.97%
  • tetherTether USDt(USDT)$1.00-0.07%
  • rippleXRP(XRP)$2.431.76%
  • binancecoinBNB(BNB)$686.024.29%
  • solanaSolana(SOL)$179.174.28%
  • usd-coinUSDC(USDC)$1.00-0.03%
  • dogecoinDogecoin(DOGE)$0.2417284.99%
  • cardanoCardano(ADA)$0.805.57%
  • tronTRON(TRX)$0.2782242.72%
  • suiSui(SUI)$3.950.28%
  • chainlinkChainlink(LINK)$16.805.12%
  • avalanche-2Avalanche(AVAX)$25.2810.05%
  • hyperliquidHyperliquid(HYPE)$31.4716.56%
  • stellarStellar(XLM)$0.3016983.26%
  • shiba-inuShiba Inu(SHIB)$0.0000154.46%
  • hedera-hashgraphHedera(HBAR)$0.2039103.30%
  • bitcoin-cashBitcoin Cash(BCH)$430.426.63%
  • unus-sed-leoUNUS SED LEO(LEO)$8.860.35%
  • the-open-networkToncoin(TON)$3.183.18%
  • polkadotPolkadot(DOT)$4.934.29%
  • litecoinLitecoin(LTC)$98.793.21%
  • moneroMonero(XMR)$405.6311.39%
  • pepePepe(PEPE)$0.0000154.39%
  • bitget-tokenBitget Token(BGB)$5.220.28%
  • piPi(PI)$0.820.52%
  • daiDai(DAI)$1.000.00%
  • ethena-usdeEthena USDe(USDE)$1.00-0.04%
  • bittensorBittensor(TAO)$473.0812.34%
  • uniswapUniswap(UNI)$6.452.47%
  • aaveAave(AAVE)$256.840.76%
  • nearNEAR Protocol(NEAR)$3.056.85%
  • aptosAptos(APT)$5.587.02%
  • ondo-financeOndo(ONDO)$1.026.00%
  • okbOKB(OKB)$52.791.01%
  • kaspaKaspa(KAS)$0.1183885.34%
  • official-trumpOFFICIAL TRUMP(TRUMP)$15.445.60%
  • internet-computerInternet Computer(ICP)$5.615.59%
  • ethereum-classicEthereum Classic(ETC)$19.614.58%
  • gatechain-tokenGateToken(GT)$21.760.68%
  • crypto-com-chainCronos(CRO)$0.1005623.62%
  • render-tokenRender(RENDER)$5.077.25%
  • vechainVeChain(VET)$0.0303515.42%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2498716.55%
  • mantleMantle(MNT)$0.762.21%
  • ethenaEthena(ENA)$0.4131343.30%
  • worldcoin-wldWorldcoin(WLD)$1.4225.26%
  • usd1World Liberty Financial USD(USD1)$1.000.00%
  • arbitrumArbitrum(ARB)$0.4312237.37%
  • algorandAlgorand(ALGO)$0.2403085.56%