Bitcoin, the leading cryptocurrency by market capitalization, has formed the so-called "gravestone Doji" candle.
As the name suggests, such a candle is a bearish indicator that typically marks the end of a bullish trend.
Uhhhh g-guys...Are we sure that we wanna close the weekly like this? š³$BTC pic.twitter.com/EW5djUUPeA
ā Byzantine General (@ByzGeneral) November 3, 2024
The weekly chart shows a long upper shadow, which signals that the bears continue to hold their ground after the bulls made a failed attempt to push the price of the leading cryptocurrency higher. The small tail indicates that the cryptocurrency's closing price is on track to be lower than its opening price on the weekly chart.
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Earlier this week, the bulls came close to printing a new record high after the bellwether cryptocurrency surged above the much-coveted $73,000 level for the first time in months. However, the bulls faced a sharp rejection, with the largest cryptocurrency retracing back to the $67,000 level.
Bitcoin failed to surge to the $74,000 despite the stunning performance of BlackRock's IBIT. As reported by U.Today, some naysayers suggest that this might be due to the fact that very relatively little fresh money has entered Bitcoin ETFs compared to gold ETFs.
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During the recent sell-off, the cryptocurrency started dipping below the lower band on the Bollinger Bands indicator on the four-hour timeframe. This could be seen as yet another ominous sign for the bulls.
$BTC 4H starting to breach lower BB https://t.co/wSANMIl70D pic.twitter.com/ZTnAMnMqJW
ā Cheds (Trading Quotes) (@BigCheds) November 3, 2024
On a positive note, Bitcoin formed a bullish divergence on the one-hour timeframe. This could treated as a bullish signal for the bulls since the bearish momentum might be weakening (at least in the short term).
The bearishness in yet to put a significant dent in trader sentiment, with the widey followed l"Fear and Greed" indicator still showing 74 out of 100 points.
