Bitcoin’s Halloween Dip Looks Like A Setup—Not An Accident
A sharp pre-Halloween dip followed by a quick rebound suggests Bitcoin's price action was a calculated shakeout setting up a potential bullish reversal.Summary
Bitcoin experienced a sharp dip to $106,200 before Halloween, quickly rebounding nearly 4%, leading analysts to suggest this was a calculated market flush rather than random volatility, potentially setting the stage for a bullish reversal.
Technical indicators support this view: the Relative Strength Index (RSI) showed a bullish divergence after the dip, and the price action completed the right shoulder of an inverse head-and-shoulders pattern. Furthermore, the Net Unrealized Profit/Loss (NUPL) metric dropped to a six-month low (0.483), indicating weaker traders exited, which historically preceded short-term rallies.
Key levels must now be watched to confirm the move. The immediate hurdle is the $111,000–$111,400 zone, which holds significant accumulated supply. A confirmed breakout above $116,400 would complete the reversal pattern, targeting a new peak near $130,800, while a fall below $106,200 would invalidate the bullish setup.
(Source：BeInCrypto)