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<p><a href="https://coinpedia.org/beginners-guide/what-is-bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin (BTC), the world’s largest cryptocurrency</a> by market cap appears bearish and may experience a notable price decline in the coming hours or days. On October 18, 2024, BTC hinted at a potential price correction as it formed a bearish candlestick pattern at a strong resistance level.</p>   
<h2 class="wp-block-heading" id="h-bitcoin-btc-technical-analysis-and-upcoming-levels"><strong>Bitcoin (BTC) Technical Analysis and Upcoming Levels</strong></h2>   
<p>According to expert technical analysis, BTC is currently facing strong resistance at the upper boundary of a descending channel pattern. Since March 2024, BTC has reached this level more than six times, experiencing notable selling pressure and a price decline of over 20% each time.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/10/18014058/BTCUSDT_2024-10-18_01-40-47.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/18014058/BTCUSDT_2024-10-18_01-40-47-1024x448.png" alt="" class="wp-image-368427"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>However, the formation of a bearish engulfing candlestick pattern on the daily time frame suggests a similar price decline in the coming days</p>   
<p>Besides this bearish outlook on the daily time frame, a closer look at the BTC chart on the four-hour timeframe shows that the world’s largest cryptocurrency is currently finding support at the $66,700 level. Additionally, BTC has been consolidating between <a href="https://coinpedia.org/price-analysis/bitcoin-rejecting-from-a-crucial-resistance-here-is-what-to-expect-from-the-btc-price-rally-until-this-weekend/" target="_blank" rel="noreferrer noopener">$66,700 and $68,000</a> over the past two trading days.</p>   
<figure class="wp-block-image aligncenter size-large is-resized">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/10/18014213/BTCUSDT_2024-10-18_01-42-05.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/18014213/BTCUSDT_2024-10-18_01-42-05-1024x448.png" alt="" class="wp-image-368428" style="width: 100%;height:auto"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>Based on the recent price momentum, if BTC breaks the lower boundary of the consolidation zone and closes a daily candle below the $66,500 level, there is a strong possibility that the asset could decline by over 6% to reach the $62,500 level.</p>   
<h2 class="wp-block-heading" id="h-bearish-sentiment-confirmed-by-on-chain-metrics"><strong>Bearish Sentiment Confirmed by On-Chain Metrics</strong></h2>   
<p>BTC’s negative outlook is further supported by on-chain metrics. According to the on-chain analytics firm <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>, BTC’s Long/Short ratio currently stands at 0.968, indicating bearish sentiment among traders. Additionally, its future open interest has dropped by 3.43% over the last 24 hours and 1.85% over the past 24 hours.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/10/18014310/image-104-122-1024x270.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/18014310/image-104-122-1024x270.png" alt="" class="wp-image-368429"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<p>This decline in open interest suggests either the liquidation of traders' long positions or traders exiting their positions, likely due to fear of a price crash.</p>   
<p>Combining these on-chain metrics with the technical analysis, it appears that bears are currently dominating the asset and have the potential to trigger a massive price decline.</p>   [post_titles_links postid="368463"]   
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>   
<p>At press time, BTC is trading near $66,920 and has experienced a price decline of over 1.8% in the past 24 hours. During the same period, its trading volume dropped by 21%, indicating lower participation from traders due to the current market sentiment.</p>

Will Bitcoin (BTC) Crash Again? Key Data Predicts What’s Next

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