{"id":52210,"date":"2024-12-20T01:02:00","date_gmt":"2024-12-20T01:02:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-reclaims-100k-weekly-chart-bearish-view-crypto-analyst"},"modified":"2024-12-20T11:26:45","modified_gmt":"2024-12-20T11:26:45","slug":"btc-reclaims-100k-but-weekly-chart-forming-bearish-engulfing-candlestick","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52210","title":{"rendered":"BTC reclaims $100K but weekly chart forming \u2018bearish engulfing\u2019 candlestick"},"content":{"rendered":"

Bitcoin reclaimed the key $100,000 psychological level shortly after it slipped below six figures, giving one crypto analyst reason for a short-term bearish view, while others dismissed the dip as routine.<\/p>\n

\u201cBitcoin is developing a bearish engulfing weekly candlestick formation,\u201d pseudonymous crypto trader Rekt Capital told their 518,900 X followers in a Dec. 19 post.<\/p>\n

Bearish pattern can\u2019t be confirmed yet<\/h2>\n

Rekt said there are still a few days until the end of the week to \u201cfully confirm\u201d the downtrend, and \u201clots can change\u201d in the meantime.<\/p>\n

\u201cTechnically, this is still a dip until Weekly levels are confirmed as lost,\u201d they said.<\/p>\n

\"Cryptocurrencies,
Bitcoin was trading at $100,990 at the time of publication. Source: <\/em>CoinMarketCap<\/em><\/p>\n<\/figcaption><\/figure>\n

Between 2 and 3 am UTC on Dec. 19, Bitcoin (BTC) dipped below $100,000 for the first time since Dec. 13, hitting a low of $99,047, according to CoinMarketCap.<\/p>\n

It came against a broader crypto market sell-off after the United States Federal Reserve announced a 25 basis point rate cut and signaled that fewer rate cuts than initially planned may take place in 2025.<\/p>\n

For some traders, the Bitcoin price dip caused little concern. \u201cThis pullback is pretty normal for Bitcoin. We\u2019ve had 8 of them since October,\u201d Bitcoin Archive said in a Dec. 18 X post.<\/p>\n

\u201cIf you\u2019re selling your Bitcoin in reaction to what the Fed said today, you have no idea what you own,\u201d crypto commentator James Lavish added.<\/p>\n

This came just two weeks after Bitcoin broke through $100,000 for the first time on Dec. 5, mainly driven by Bitcoin exchange-traded fund (ETF) demand, the April halving and Donald Trump\u2019s presidential election win.<\/p>\n

It may not be a quick bounceback<\/h2>\n

Still, it was only on Nov. 5 that Bitcoin surpassed its previous all-time high of $73,679 set in March. Rekt said volatility comes naturally when entering price discovery.<\/p>\n

Related: <\/strong><\/em>\u00a0Bitcoin in \u2018dip-buying mood\u2019 as BTC price skirts $105K into FOMC<\/strong><\/em><\/p>\n

\u201cTechnically, it is Week 7 in Price Discovery, which historically meant that BTC corrections occur around this time,\u201d Rekt said.<\/p>\n

While many crypto speculators often see steep drops like this as \u201cflash crashes,\u201d Rekt said it may go on for at least another week.<\/p>\n

\u201cWe know that Week 7 and Week 8 in Price Discovery have historically been corrective weeks,\u201d they added.<\/p>\n

Magazine:<\/strong><\/em> 5 real use cases for useless memecoins<\/strong><\/em><\/p>\n

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/p>\n

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

Bitcoin reclaimed the key $100,000 psychological level shortly after it slipped below six figures, giving one crypto analyst reason for a short-term bearish view, while others dismissed the dip as routine. \u201cBitcoin is developing a … BTC reclaims $100K but weekly chart forming \u2018bearish engulfing\u2019 candlestick<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":52214,"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-52210","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":"\nBTC reclaims $100K but weekly chart forming \u2018bearish engulfing\u2019 candlestick - 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=52210\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTC reclaims $100K but weekly chart forming \u2018bearish engulfing\u2019 candlestick - 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