Recently, Bitcoin experienced a significant drop, crashing 15% from its 2024 highs around $49,000. This decline followed closely on the heels of the approval of 11 spot Bitcoin Exchange-Traded Funds (ETFs), a move that was initially met with optimism in the crypto community. The sudden downturn has left investors and traders analyzing the charts for clues about Bitcoin’s next move. Is The Bullish Bitcoin Trend Over? In the wake of this decline, technical analysis offers a beacon of insight. Notably, the correction was marked by a bearish engulfing candle on the daily chart, signaling a potential reversal in Bitcoin’s upward trend. Accompanying this was a nasty wick – a long upper shadow on the candlestick chart, indicating a significant sell-off after prices peaked. Further complicating the landscape was the opening of the CME BTC Futures with a sizeable gap down. Such gaps are often viewed as potential resistance levels, reinforcing the bearish sentiment. The Parabolic SAR remains below price action | BTCUSD on TradingView.com Stop And Reverse: A Ray Of Hope However, amidst these seemingly negative signals, a ray of ..
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