Bitcoin's price broke below the descending wedge on Monday, declining approximately 7.5% to retest its crucial weekly support near $58,375 and rebounded by 5.8% on Tuesday.

Since Tuesday, BTC has faced resistance at the lower boundary of the broken descending wedge. At the time of writing, it trades around $61,704 on Friday.

 

If the lower boundary of the descending wedge around $62,000 holds as resistance, BTC could decline roughly 5% to reach its weekly support near $58,375.

 

On the daily chart, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are below their respective neutral levels of 50 and zero. This indicates that, according to these momentum indicators, the bearish sentiment prevails, suggesting the potential for further decline in BTC’s price.