BTC has been consolidating between $65,729 and $71,746 since February 7. Monday sees BTC trading at $68,365 with a 2.70% drop.
If BTC breaks above $71,746, it will enable the coin to extend its recovery until it reaches the resistance at $73,072.
The Relative Strength Index (RSI) on the daily chart reads 35, which rebounded from oversold conditions, thus indicating that selling pressure is decreasing.
The Moving Average Convergence Divergence (MACD) showed a bullish crossover on Sunday, further evidence supporting the recovery thesis.
The market will experience more losses if it falls below $65,729, accelerating a decline toward key support at $60,000.