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Bitcoin is range-bound, but retrace below $60K seems likely

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Bitcoin (BTC) price action has been rather range-bound over the past few weeks, capped between the $73,777 all-time high and the $59,005 intraday day low recorded during the March 5 trading session.

Bitcoin price is trading within a range with expectations of a sideways weekend before eventful week starting Monday. Hong Kong BTC and ETH ETFs to start trading on Monday before Fed meeting next week. In past cycles, BTC has dropped 20% to 25% as part of immediate post-halving correction. A 20% drop from $73,777K ATH would see BTC price dip into liquidity pool between $60,600 and $59,200.

The Relative Strength Index remains below the mean level of 50, a stance worsened by the Moving Average Convergence Divergence that remains in negative territory. A crossover of the MACD below the signal line, reinforced by a lower low on the RSI could precipitate an extended fall for BTC price. This could send Bitcoin price into the liquidity pool before a possible recovery.

 

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