Bitcoin has recently shown a 3% decline following strong weekly performance, with daily charts indicating a bearish engulfing pattern that suggests a potential re-test of the $60,000 level. This pattern, characterized by a 2.4% drop on October 21, typically signals short or long-term reversals. Historian analysis reveals that past occurrences of this pattern near range highs have consistently resulted in price corrections, with price drops of 26% observed earlier this year. Additionally, a negative spot orderbook and declining spot buyers have contributed to these bearish signals. Institutional investors seem to be pulling back, as indicated by recent outflows of $79.1 million from US Bitcoin ETFs on October 22, following prior outflows of $81.1 million. The total assets under management reached $65 billion despite these outflows, highlighting potential market hesitance as Bitcoin struggles at critical resistance levels.

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