Bitcoin price was stuck in a tight range on Monday, continuing a consolidation phase that has been going on for weeks. The market has shown little direction as prices hover within that narrow band.
The BTCUSD pair has formed a bearish pennant pattern, consisting of a vertical line and a symmetrical triangle. Such a setup suggests the downturn could resume, potentially targeting the key support level at 60,000, its lowest level this year.
Traders will be watching for a breakout to confirm the move. The 60,000 level remains a critical support.
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