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Bitcoin’s price could potentially see further declines, as it’s currently showing signs of bearish momentum. A weekly bearish engulfing candle has formed, which often suggests a potential price drop. Key support zones lie at $57,800 and $54,500, levels that could be tested if the current downtrend continues.
While Bitcoin started October with optimism, the price has already fallen from $66,000 to under $60,000 within the first few days of the month. Despite the previous three-week upward trend, the current bearish signal may lead to a longer period of consolidation before any recovery.
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On Sept. 27, Bitcoin closed above its previous local high, marking a bullish shift in market structure. Typically, after forming a higher high, it’s normal for prices to create a higher low before continuing upward. Right now, Bitcoin is bouncing within a demand zone between $60,500 and $57,400, which aligns with key Fibonacci retracement levels (0.50-0.618), often called the “golden zone.” This is where many traders look to build longer-term positions.
However, Bitcoin is struggling to break above the 200-day EMA, which means the price may drop below $60,000 in the coming days. Independent analyst Dentoshi suggests that losing the 4-hour 200 EMA could result in further price volatility, with a potential dip to $57,400 at the lower end of the golden zone.
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