{"id":51727,"date":"2024-09-30T01:20:00","date_gmt":"2024-09-30T01:20:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-62k-bearish-div-slow-start-uptober"},"modified":"2024-09-30T04:08:32","modified_gmt":"2024-09-30T04:08:32","slug":"bitcoin-price-to-62k-bearish-div-hints-at-a-slow-start-to-uptober","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51727","title":{"rendered":"Bitcoin price to $62K? Bearish div hints at a slow start to Uptober"},"content":{"rendered":"

Bitcoin\u2019s (BTC) monthly price chart is less than 48 hours away from completing a bullish engulfing pattern for the first time in more than 18 months. The last time this happened was in January 2023, marking the bearish bottom from 2022.<\/p>\n

\"\"
Bitcoin 1-month chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

While Bitcoin\u2019s long-term trend for Q4 and early 2025 looks positive, recent signs indicate there might be downside volatility in the short term.<\/p>\n

Bitcoin OI retests $35B as funding rate stays flat<\/h2>\n

After a local bottom at $52,150 on Sept. 6, BTC has been on a parabolic rise, breaking past the previous lower-high pattern to facilitate a higher-high trend.<\/p>\n

In the meantime, Bitcoin open interest (OI) has increased rapidly, reaching as high as $35 billion on Sept. 27. This is on par with previous OI tops in 2024, witnessed during February and July 2024.<\/p>\n

\"\"
Bitcoin funding rate and open interest chart. Source: Velo.data<\/em><\/p>\n<\/figcaption><\/figure>\n

While open interest indicates that the futures market remains heavily involved in dictating price movement, a comparatively flat funding rate indicates perpetual traders are still \u201cindecisive.\u201d<\/p>\n

Adam, a popular independent trader, highlights this particular instance and points out another key factor of spot orderbook depth being skewed to the sell side.<\/p>\n

\"\"
Bitcoin spot orderbook negative depth by Adam. Source: X.com<\/em><\/p>\n<\/figcaption><\/figure>\n

In other words, spot traders are currently selling aggressively into $66K resistance.<\/p>\n

Thus, BTC’s chances of downside market volatility remain high in the coming week.<\/p>\n

Bitcoin forms a bearish div on 4-hour chart<\/h2>\n

From a technical perspective, \u201cUptober\u201d may begin with a short-term correction for BTC to form a higher low pattern. As illustrated, Bitcoin\u2019s 4-hour chart highlights a bearish divergence between its price and the relative strength index (RSI).<\/p>\n

\"\"
Bitcoin 4-hour chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

From its current price point, an immediate correction down to $62,300, or a 4.66% decline, is the immediate level. As observed, many liquidity wicks were formed near $62,000 en route to breaking above $66,000. So, an immediate bounce here is likely.<\/p>\n

However, if the correction persists lower, the next retest range is an order block between $59,500 and $61,000, which also presents a confluence with the Fibonacci 0.5 level.<\/p>\n

The EMA-50, 100, and 200 levels would also support a drop down to $61,000, which means this is technically the lowest correction range expected in the coming week.<\/p>\n

A daily close below $60,000 may jeopardize the current bullish momentum.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

*********************************<\/p>\n

If one of the paying programs on our Monitor appeals to you, please support EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n

EN web Support Chat<\/strong> | Hyips and Crypto questions \u2013 HyipChatEN<\/a><\/strong><\/p>\n

Telegram Chat for Crypto and Hyip reports: @HyipChatEN<\/a><\/strong><\/p>\n

*********************************<\/p>\n

Be the first to get most important HYIP news everyday!
\nSimply Follow EN Facebook<\/strong><\/a>, EN Telegram<\/strong><\/a>, EN Twitter<\/strong><\/a>
\nor Subscribe to EN Feedburner<\/a><\/strong> and submit your email address!<\/p>\n

If you like this article and want to support EN \u2013 please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s (BTC) monthly price chart is less than 48 hours away from completing a bullish engulfing pattern for the first time in more than 18 months. The last time this happened was in January 2023, … Bitcoin price to $62K? Bearish div hints at a slow start to Uptober<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51729,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin price to $62K? Bearish div hints at a slow start to Uptober - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51727\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin price to $62K? Bearish div hints at a slow start to Uptober - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin\u2019s (BTC) monthly price chart is less than 48 hours away from completing a bullish engulfing pattern for the first time in more than 18 months. The last time this happened was in January 2023, … Bitcoin price to $62K? Bearish div hints at a slow start to UptoberRead more\" \/>\n<meta property=\"og:url\" content=\"https:\/\/emilynews.com\/blog\/?p=51727\" \/>\n<meta property=\"og:site_name\" content=\"EmilyNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-30T01:20:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-30T04:08:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/09\/btcbear.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"838\" \/>\n\t<meta property=\"og:image:height\" content=\"559\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Emilynews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emilynews\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=51727\",\"url\":\"https:\/\/emilynews.com\/blog\/?p=51727\",\"name\":\"Bitcoin price to $62K? Bearish div hints at a slow start to Uptober - EmilyNews\",\"isPartOf\":{\"@id\":\"https:\/\/emilynews.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=51727#primaryimage\"},\"image\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=51727#primaryimage\"},\"thumbnailUrl\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/09\/btcbear.jpg\",\"datePublished\":\"2024-09-30T01:20:00+00:00\",\"dateModified\":\"2024-09-30T04:08:32+00:00\",\"author\":{\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33\"},\"breadcrumb\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=51727#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/emilynews.com\/blog\/?p=51727\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=51727#primaryimage\",\"url\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/09\/btcbear.jpg\",\"contentUrl\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/09\/btcbear.jpg\",\"width\":838,\"height\":559},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=51727#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/emilynews.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitcoin price to $62K? Bearish div hints at a slow start to Uptober\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/emilynews.com\/blog\/#website\",\"url\":\"https:\/\/emilynews.com\/blog\/\",\"name\":\"EmilyNews\",\"description\":\"EmilyNews Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/emilynews.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33\",\"name\":\"Emilynews\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g\",\"caption\":\"Emilynews\"},\"url\":\"https:\/\/emilynews.com\/blog\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bitcoin price to $62K? Bearish div hints at a slow start to Uptober - EmilyNews","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/emilynews.com\/blog\/?p=51727","og_locale":"en_US","og_type":"article","og_title":"Bitcoin price to $62K? Bearish div hints at a slow start to Uptober - EmilyNews","og_description":"Bitcoin\u2019s (BTC) monthly price chart is less than 48 hours away from completing a bullish engulfing pattern for the first time in more than 18 months. The last time this happened was in January 2023, … Bitcoin price to $62K? Bearish div hints at a slow start to UptoberRead more","og_url":"https:\/\/emilynews.com\/blog\/?p=51727","og_site_name":"EmilyNews","article_published_time":"2024-09-30T01:20:00+00:00","article_modified_time":"2024-09-30T04:08:32+00:00","og_image":[{"width":838,"height":559,"url":"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/09\/btcbear.jpg","type":"image\/jpeg"}],"author":"Emilynews","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Emilynews","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/emilynews.com\/blog\/?p=51727","url":"https:\/\/emilynews.com\/blog\/?p=51727","name":"Bitcoin price to $62K? Bearish div hints at a slow start to Uptober - EmilyNews","isPartOf":{"@id":"https:\/\/emilynews.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/emilynews.com\/blog\/?p=51727#primaryimage"},"image":{"@id":"https:\/\/emilynews.com\/blog\/?p=51727#primaryimage"},"thumbnailUrl":"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/09\/btcbear.jpg","datePublished":"2024-09-30T01:20:00+00:00","dateModified":"2024-09-30T04:08:32+00:00","author":{"@id":"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33"},"breadcrumb":{"@id":"https:\/\/emilynews.com\/blog\/?p=51727#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/emilynews.com\/blog\/?p=51727"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/emilynews.com\/blog\/?p=51727#primaryimage","url":"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/09\/btcbear.jpg","contentUrl":"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/09\/btcbear.jpg","width":838,"height":559},{"@type":"BreadcrumbList","@id":"https:\/\/emilynews.com\/blog\/?p=51727#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/emilynews.com\/blog"},{"@type":"ListItem","position":2,"name":"Bitcoin price to $62K? Bearish div hints at a slow start to Uptober"}]},{"@type":"WebSite","@id":"https:\/\/emilynews.com\/blog\/#website","url":"https:\/\/emilynews.com\/blog\/","name":"EmilyNews","description":"EmilyNews Blog","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/emilynews.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33","name":"Emilynews","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/emilynews.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g","caption":"Emilynews"},"url":"https:\/\/emilynews.com\/blog\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/51727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51727"}],"version-history":[{"count":1,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/51727\/revisions"}],"predecessor-version":[{"id":51730,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/51727\/revisions\/51730"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/media\/51729"}],"wp:attachment":[{"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}