12-09 Will [coin price] plummet? Bitcoin daily chart sends ominous signal

Hello LEO! Today we are concerned about whether the price of Bitcoin has shown a signal of decline after a round of skyrocketing. A “Bearish Engulfing” pattern has appeared on Bitcoin’s daily chart, which is a negative sign. The price dropped to $97,600 and fell further after retesting the support at $95,000. This is the first time a bearish engulfing pattern has appeared on the daily chart since October 21st. However, some analysts said that as long as the price of the currency remains above $88,000, it means there is no big problem. Although the long-term market structure of Bitcoin remains unchanged, some analysts emphasized that key price levels need to be observed in the next few days. Data shows that the total liquidation amount in the cryptocurrency market today exceeded US$1.6 billion. This is the largest liquidation event since 2021. Among them, long Bitcoin positions lost more than US$140 million. Although the leverage has been significantly cleared, the co-founder of GlassNode said that as long as the price of Bitcoin remains above $88,000, it means that Bitcoin’s long-term trend performance remains optimistic.