The Bitcoin (BTC) monthly price chart is less than 48 hours away from completing a bullish engulfing pattern for the first time in over 18 months. This last occurred in January 2023 and marked a bearish bottom for 2022.

While the long-term trend for BTC appears positive, there are signs of volatility in the short term. On September 27, Bitcoin open interest (OI) reached $35 billion, but the funding rate remained flat. This suggests that the futures market continues to dictate price action.

From a technical perspective, BTC is expected to fall to $62,300 in the short term. If the decline continues, it could fall to the $59,500-$61,000 range. If the daily close falls below $60,000, the current bullish momentum could be in jeopardy.

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