Bitcoin faces bearish October with potential drop below $60,000.
Analysts warn of further correction, targeting $57,400 support level.
Bitcoin (BTC) has started October on a bearish note, trading at $62,277.28, with a slight 1.4% uptick in the past 24 hours, after hitting a two-week low of $59,828 just three days ago. Over the past week, Bitcoin has declined by 5%, with its trading volume down by 20%.
Despite the recent rally that saw BTC reach $66,140 on September 8, a bearish engulfing pattern on the weekly chart is forming, signaling potential consolidation ahead. Analysts suggest a possible drop below $60,000, with analysts highlighting the risk of a further dip towards $57,400—an important support level within the Fibonacci 0.50-0.618 retracement zone.
The unfilled CME gap at $54,000 also remains a critical factor, with market experts predicting Bitcoin could retest this level. Should BTC fall below $52,510, it could invalidate the bullish trend and trigger a more e
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