Bitcoin’s quiet $59,000-$60,000 range is starting to look dangerous
The token has traded in a tight band near $59,000 to $60,000 all week. The pattern echoes a calm stretch from 2024, but this one is forming below support in a falling market, and a break could open the way toward $40,000.
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Summary
- Bitcoin has traded in a tight range around $59,000 to $60,000 for five days, a pattern analysts say is risky because it is occurring below key support levels and downward-sloping 50- and 200-day moving averages.
- Some analysts warn that if this consolidation breaks lower, bitcoin could slide toward $40,000.
- Market sentiment is being pressured by Strategy’s plan to potentially sell more than $1 billion of its bitcoin reserves, a stronger dollar, and a rotation of capital into U.S. stocks on optimism over AI spending.
