Bitcoin BTC $84,232
fell to a four-month low of $76,600 on March 11 and then rose by as much as 14%. However, the price of Bitcoin is down around 25% from its peak of almost $110,000, which is typical of a “bull market correction.”
However, some analysts predict that the price drops of Bitcoin will continue in the future.
“Dark cloud” allusions Bitcoin is reaching its peak.
According to an analysis posted by GDXTrader on X, Bitcoin is under fresh bearish pressure after rejecting at $87,470, the descending channel barrier, with a “dark cloud cover” pattern bolstering the downward trend.
To generate the dark cloud cover pattern, a strong green candle is followed by a red candle that opens above the preceding close but closes below the middle of the first candle’s body.
Such a change in attitude suggests that sellers dominated purchasers’ attempts to push higher, which frequently resulted in further declines.
According to GDXTrader, Bitcoin will continue to be under negative pressure until it makes a clear break above the $90,000-$93,000 resistance zone, which indicates a lack of purchasing conviction.
