Bitcoin (BTC) appeared poised to reclaim the crucial $18,000 support level after briefly breaching the $17,000 position, with bulls under pressure to show strength. However, the asset has since plunged below $17,000 as the broader crypto market sell-off continues. 

Notably, the maiden cryptocurrency has been consolidating in recent weeks, mainly characterized by sideway price movement as investors look for possible indicators likely to define the next price action. 

In this line, Bitcoincenter’s rainbow price chart is one of the tools investors use to monitor the prospects of Bitcoin’s price. The tool leverages colour bands that follow a logarithmic regression and reviews past performance to provide a potential insight into its long-term movements.

As of December 7, the Rainbow chart Bitcoin indicator had hit the lowest point under the ‘’Basically a Fire Sale’ level, represented by the colour blue. The asset has been consolidating at the position, having been stuck in the zone for several weeks. 

The charts’ ongoing consolidation indicates that Bitcoin has found a bottom, facing the potential of rallying in the near future. In this line, as reported by Finbold, based on the two-week cross in Bitcoin’s moving average convergence divergence (MACD) that has recently occurred, the cryptocurrency could be preparing for a bottom and big rally soon. 

It is worth noting that the last time Bitcoin hit the level…