Although the crypto community is gathering momentum for the next bull run, the possibility of BTC hitting the 61k benchmark this week is very low. Here are a few things to consider while taking a side in this poll:

Double Top Chart pattern

Trading View BTC chart showing bearish chart and candlestick pattern

The chart pattern of BTC in a weekly time frame is showing double top - an indicator of an impending decline in the price of BTC this week and beyond. Double top chart pattern is a bearish reversal chart; having this chart-print in a weekly time frame indicates an impending strong price decline.

Bearish Engulfing Candle Pattern

As inscribed in the chart above, the previous week’s candlestick pattern printed a bearish engulfing candlestick - further indicating an impending downward trend in BTC’s price in the weekly timeframe. Bearish engulfing pattern is a continuous bearish candlestick pattern; and having this candlestick pattern in a bigger time frame is a strong bearish indicator.

Dollar Index (DXY)

Trading View Dollar index showing bullish chart and candlestick pattern

While picking sides in this poll, you may also need to consider the dollar index. The USD is BTC’s major contender as far as trading pairs are concerned. Hence, the price action of one directly affects the market price of the other

Essentially, the Dollar Index is currently gaining strength in the daily time frame. As long as the dollar index remains strong, the BTC price will keep trading at lower price until it meets the resistance zone as indicated in the chart above.

If all these indicators play out, BTC might continue in the bearish direction, thus missing the chance of hitting the 61k benchmark this week.

Do you think otherwise? Share your insights and engage this poll for a chance to win exciting payouts. https://app.nodo.xyz/poll/will-btc-hit-61k-this-week