Bitcoin price started declining again from the USD 66,850 resistance zone. BTC is heading lower again and could even fall below the $65,500 support zone.
- Bitcoin failed to rise above $67,000 and started falling again.
- The price is trading below $66,800 and the 100 hourly Simple Moving Average.
- There was a break below a connecting bullish trendline with support at $66,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline and even trade below the $65,500 support zone.
Bitcoin price resumes decline
Bitcoin price struggled to climb above the USD 67,000 resistance zone. BTC remained in a bearish zone and started a fresh decline from the high of $66,868. There was a move below the USD 66,500 level.
Additionally, there was a break below a connecting bullish trendline with support at $66,500 on the hourly chart of the BTC/USD pair. The pair traded below the 23.6% Fib retracement level of the upward move from the $65,075 swing low to the $66,868 high.
Bitcoin is now trading below $66,800 and the 100 hourly Simple Moving Average. It looks like the price could soon test the 50% Fib retracement level of the upward move from the $65,075 swing low to the $66,868 high.
On the upside, the price is facing resistance near the USD 66,500 level and the 100 hourly Simple Moving Average. The first major resistance could be at $66,850. The next major resistance could be at USD 67,000. A clear move above the USD 67,000 resistance could trigger a significant upside and send the price higher.
In the mentioned case, the price could rise and test the USD 66,000 resistance. Any further gains could send BTC towards the USD 68,500 resistance in the short term.
Lose more in BTC?
If Bitcoin fails to climb above the USD 66,500 resistance zone, it could continue to decline. The immediate downside support is near the $66,000 level.
The first major support is at $65,750. The next support is now near $65,500. Any further losses could send the price towards the $65,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 66,500, followed by USD 65,000.
Major resistance levels – $66,500 and $67,000.