Bitcoin price failed to climb above the USD 66,500 resistance. BTC is heading lower again and could fall below the $64,600 support zone.
- Bitcoin started a new decline from the USD 66,500 resistance level.
- The price is trading below $65,500 and the 100 hourly Simple Moving Average.
- There was a break below a connecting bullish trendline with support at $65,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if there is a clear move below the $64,600 and $64,200 support levels.
Bitcoin price is rejected
Bitcoin price started a recovery wave above the USD 65,000 level. BTC climbed above the USD 65,500 and USD 66,200 levels. However, the bears were active near the $66,500 zone. A high was reached at $66,444 and the price started falling again.
There was a move below the USD 65,500 and USD 65,400 support levels. The price fell below the 50% Fib retracement level of the upward move from the $64,050 swing low to the $66,444 high. Additionally, there was a break below a connecting bullish trendline with support at $65,250 on the hourly chart of the BTC/USD pair
The price tested the $64,600 support zone and the 76.4% Fib retracement level of the upward move from the $64,050 swing low to the $66,444 high.
Bitcoin is now trading below $65,500 and the 100 hourly Simple Moving Average. If another upward move occurs, the price may encounter resistance near the $65,250 level. The first major resistance could be at $65,500. The next major resistance could be at USD 66,000.
A clear move above the USD 66,000 resistance could trigger a steady rise and send the price higher. In the mentioned case, the price could rise and test the USD 66,500 resistance. Any further gains could send BTC towards the USD 67,500 resistance in the short term.
More disadvantages of BTC?
If Bitcoin fails to climb above the USD 65,250 resistance zone, it could continue to decline. The immediate downside support is near the $64,600 level.
The first major support is at $64,200. The next support is now near $64,000. Any further losses could send the price towards the $63,200 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 64,600, followed by USD 64,000.
Major resistance levels – $65,250 and $66,500.
