BTC Shows Signs of Weakness, Potential Correction Ahead Bitcoin's (BTC) price action has drawn attention to potential signs of weakness in the near term, indicating the possibility of a price correction. According to crypto analyst Rekt Capital, as reported by Cointelegraph, a Bearish Engulfing candlestick pattern has formed on the BTC/USD weekly chart. This pattern suggests downward pressure on prices. The weekly support level plays a crucial role in determining the confirmation of a downtrend. If BTC fails to hold this support, it could signal a continuation of the decline. However, if the support level remains intact, the current pullback may simply be a temporary correction. It's noteworthy that Bitcoin is currently in week 7 of price discovery, a period historically associated with increased frequency of corrections. This adds further context to the current price action. Nevertheless, analysts emphasize that a sustained break below the weekly support level would strengthen the case for a more significant downturn.

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