The Bitcoin price did not stay above $65,000 and continued to decline. BTC is now recovering losses of $62,500 and is facing hurdles near the $66,500 zone.
- Bitcoin started a new decline and traded below the $65,000 support.
- The price is trading below $66,500 and the 100 hourly moving average.
- A bearish trendline is forming with resistance at $66,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $65,500 and $65,000 levels.
Bitcoin price recovers some ground
Bitcoin price failed to hold steady above the $66,000 zone. BTC started a new decline and traded below the USD 65,000 support zone. There was a drop below $64,000.
The price even peaked below $63,000. A low was formed at $62,500, and the price is now correcting some losses. There was a move above $65,000 and the 50% Fib retracement level from the recent decline from the $68,654 swing high to the $62,500 low.
Bitcoin is now trading below $66,500 and the 100 hourly moving average. If the price remains stable above $65,000, another increase can be attempted. The immediate resistance is near the $66,500 level. A bearish trendline is also forming with resistance at $66,600 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $67,200 level or the 76.4% Fib retracement level of the recent decline from the $68,654 swing high to the $62,500 low. A close above the USD 67,200 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 68,000 resistance. Any further gains could send the price towards the USD 68,800 level. The next threshold for the bulls could be $69,200 and $69,500.
Another drop in BTC?
If Bitcoin fails to rise above the USD 66,500 resistance zone, it could trigger another decline. Immediate support is approaching the $65,500 level. The first major support is near the $65,000 level.
The next support is now near the $64,200 zone. Any further losses could send the price towards the USD 63,500 support in the short term. The key support now lies at $62,500, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 65,500, followed by USD 65,000.
Major resistance levels – $66,500 and $67,200.