Bitcoin is showing a pattern of bearish engulfing candles near its range highs. This trend, coupled with the market's inability to convert the $70,000 level into a support, indicates a possible future correction for the cryptocurrency.
In addition to the bearish patterns, outflows from spot ETFs further point to potential declines in Bitcoin's value. Many investors and analysts are now speculating that these factors could contribute to the cryptocurrency dropping below the $60,000 mark.
Such market dynamics raise questions about Bitcoin's short-term resilience and the effectiveness of its support levels, especially given the ongoing volatility and external pressures. Traders and investors should remain cautious and prepared for potential market shifts.
