Bitcoin (BTC) rebounded by as much as 14% after plunging to a four-month low near $76,600 on March 11. But BTC price is down approximately 25% from its record high of around $110,000, which is normal for a “bull market correction.”
Still, some analysts anticipate the Bitcoin price declines to continue in the future.
“Dark cloud” hints Bitcoin is topping out
Bitcoin faces renewed bearish pressure after rejecting at $87,470, the descending channel resistance, with a “dark cloud cover” pattern reinforcing the downtrend, according to an analysis shared by GDXTrader on X.
BTC/USD daily price chart. Source: TradingView/@GDXTrader
The dark cloud cover pattern occurs when a strong green candle is followed by a red candle that opens above the previous close but closes below the midpoint of the first candle’s body.
Illustration of a dark cloud cover. Source: GoldenEye Analysis