#Bitcoin - Important weekly close

The weekly close for Bitcoin is crucial as the price has broken down below the range after 125 days of consolidation

When the price breaks out of such a significant consolidation, it usually leads to a substantial move and continuation in the direction of the breakout.

Two possible scenarios from here:

1) Reclaim $60,000 by the weekly close, and this dump will be considered a weekly fakeout, with the price running back to the range high $70k+.

2) Close below $60,000, leading to a move back to the old mid-range ($44,233) before any higher price action.

Unfortunately, the bias is currently slightly to the downside as we are trading below the $60k area.

However, once the price reclaims this level, we will see $70,000+ in no time.