How low can the Bitcoin price go?
Bitcoin is currently forming a weekly bearish engulfing candle, which can precede a price drop to $57,800 and $54,500 support zones.
Bitcoin’s (BTC) “Uptober” is off to a rocky start. In the first three days of the month, the BTC price dropped from $66,000 to under $60,000.
Moreover, despite Bitcoin’s price three-week general uptrend, it is currently forming a bearish engulfing on the weekly chart, which may indicate a lead to a longer consolidation period before any recovery.
BTC/USDT weekly chart. Source: TradingView
