Bitcoin is having a bad day

Bitcoin Daily Analysis

The current price of Bitcoin

after having closed the previous day at $67,377.49, showing a drop of 3.07% from its opening at $69,032.00. During the day, the price reached a high of $69,512.52 and a low of $66,840.67, highlighting the volatility in the last few hours. A bearish engulfing candlestick pattern has formed, indicating a possible continuation of the correction in the short term. The current price is in a key resistance zone within a side channel on the daily chart, which could hinder a new immediate bullish momentum.

As for technical indicators, the RSI is located at 59.75, indicating that, although it is not in overbought, it still remains close to that zone, suggesting caution for traders.

The overall short-term trend remains bullish, with sustained growth since September 8, accumulating 44 days of gains. However, recent events, such as the increase in USDT and stablecoin issuance, could influence Bitcoin's price action in the next 24 hours.