Bitcoin price extended losses and tested the USD 65,500 support zone. BTC is now consolidating and could target another surge if it clears $66,500.
- Bitcoin has tested the $65,500 level and is trying to stage a recovery wave.
- The price is trading below $68,000 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new rise if it breaks the $66,500 resistance zone.
Bitcoin price revisits support
Bitcoin price extended losses below the USD 66,500 support zone. BTC even spiked below the USD 66,000 and USD 65,500 levels. A low is formed near USD 65,337 and the price is now consolidating losses.
It recovered above the $66,000 level and tested the 23.6% Fib retracement level of the downward move from the $69,985 swing high to the $65,337 low. However, the price is now struggling to break the USD 66,500 resistance zone. A connecting bearish trendline is also forming with resistance at $66,400 on the hourly chart of the BTC/USD pair.
Bitcoin price is trading below $68,000 and the 100 Hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 66,400 level. The first major resistance is around the $66,500 level.
A clear move above the USD 66,500 resistance could push the price further higher in the coming sessions. The next major resistance could be $67,650, or the 50% Fib retracement level of the downward move from the $69,985 swing high to the $65,337 low.
The next big hurdle is at $68,200. A close above the resistance at $68,200 could trigger bullish moves. In the mentioned case, the price could rise and test the USD 70,000 resistance.
Another drop in BTC?
If Bitcoin fails to recover above the USD 66,500 resistance zone, it could trigger another decline. The immediate downside support is near the $66,000 level.
The first major support is at $65,350. The next support is now near $65,000. Any further losses could send the price towards the $63,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 66,000, followed by USD 65,350.
Major resistance levels – $66,500 and $67,650.