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- Bitcoin Price Outlook: Bitcoin may test the $60,000 level if it closes below the minimum volatility range.
Bitcoin has been fluctuating within a range between $65,729 and $71,746 since February 7. As of Tuesday, Bitcoin is trading below $68,000, heading toward the lower end of the volatility range.
If the king of cryptocurrencies closes below the minimum accumulation level at $65,729, the decline could extend toward the key support level at $60,000.
The Relative Strength Index (RSI) on the daily chart is at 34, below the neutral level of 50, and trending downward toward oversold levels, indicating increasing bearish momentum.
However, the Moving Average Convergence Divergence (MACD) showed a bullish crossover on Sunday, which remains in place, suggesting that the bullish bias has not been invalidated yet.
Daily chart of the BTC/USDT pair
On the other hand, if Bitcoin surpasses the upper accumulation range at $71,746, the recovery could extend toward the daily resistance level at $73,072.
#What’sNextforBitcoin?