$BTC
🚨Bitcoin could extend the fall if it closes below the lower consolidation boundary🚨
Bitcoin price has been consolidating in a range between $65,729 and $71,746 since February 7. BTC declined 2% so far this week and, as of Wednesday, is trading below $68,000, approaching the lower consolidation boundary.
If BTC closes below the lower consolidation level at $65,729, it could extend the decline toward the key support level at $60,000.
The Relative Strength Index (RSI) on the daily chart reads 34, below the neutral level of 50 and pointing downward toward the oversold levels, indicating bearish momentum gaining traction. However, the Moving Average Convergence Divergence (MACD) showed a bullish crossover on Sunday, which remains in place, suggesting that upside bias has not been invalidated yet.
On the other hand, if BTC breaks above the upper consolidation range at $71,746, it could extend the recovery toward the daily resistance at $73,072.
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