Bitcoin ‘ugly daily candle’ may signal drop below $117K: Trader

Bitcoin swiftly reversed direction this week after soaring expectations for new highs gave way to weakening price movement below $120,000, signaling the possibility of further declines.

Bitcoin’s price chart indicates there could be further downside following a stumble on Monday, with Bitcoin falling 2.6% over 24 hours, a crypto analyst said.

“Quite ugly daily candle,” MN Trading Capital founder Michael van de Poppe said in an X post on Monday, after Bitcoin (BTC) fell 2.6% from $122,200 to about $119,000 within the 24-hour timeframe. 

Investors had been hoping for a new all-time high after an early Monday Bitcoin surge.  

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