Repeat bearish engulfing candles near range highs and Bitcoin’s inability to flip $70,000 to support are possible signs of an incoming correction
Bitcoin (BTC) price is currently exhibiting a 3% decline after a strong weekly performance in the last week. Adding to this, Bitcoin’s daily chart signals a historically bearish pattern, which has sparked concerns about another re-test of the $60,000 level.
Bitcoin’s 2.4% decline on Oct. 21 formed a bearish engulfing pattern on the daily chart. A bearish engulfing pattern indicates a short-term or long-term reversal, and it has a success rate of 60% to 70%, depending on other market confirmations.
Bitcoin 1-day chart. Source: Trading View
