Bitcoin price started to decline again below the USD 66,500 level. BTC is gaining bearish momentum and could revisit the USD 63,200 support.
- Bitcoin started a new decline from the USD 68,500 resistance zone.
- The price is trading below $65,500 and the 100 hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $66,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses and trade towards the $63,200 support zone.
Bitcoin price gains bearish momentum
Bitcoin price failed to sustain gains above the USD 66,500 support level. BTC started falling again and traded below the $66,000 support zone. There was a move below the 50% Fib retracement level of the upward move from the $63,225 swing low to the $68,313 high.
Additionally, there was a break below a key bullish trendline with support at $66,000 on the hourly chart of the BTC/USD pair. The pair is now accelerating lower below the $65,000 level.
Bitcoin price is now trading below $66,000 and the 100 hourly Simple Moving Average. It is also below the 76.4% Fib retracement level of the upward move from the $63,225 swing low to the $68,313 high. If a recovery wave comes, the price may encounter resistance near the USD 65,200 level.
The first major resistance is around the $65,500 level. A clear move above the USD 65,500 resistance could lead to another increase in the coming sessions. The next major resistance could be $66,200. The next big hurdle is at $66,800 and the 100 hourly Simple Moving Average. A close above the USD 66,800 resistance could push the price further higher. In the mentioned case, the price could rise and test the USD 68,000 resistance.
Lose more in BTC?
If Bitcoin fails to recover above the $65,500 resistance zone, it could continue to decline. The immediate downside support is near the $64,000 level.
The first major support is at $63,200. The next support is now near $62,500. Any further losses could send the price towards the $61,500 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 64,000, followed by USD 63,200.
Major resistance levels – $65,500 and $66,800.