Bitcoin price corrected gains and tested the USD 66,000 support. BTC is now consolidating losses and could fall further below the $65,500 zone.
- Bitcoin struggles to make up for losses and falls below $67,200.
- The price is trading below $67,200 and the 100 hourly moving average.
- A descending channel is forming with resistance at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $66,000 and $65,500 levels.
Bitcoin price drops again
Bitcoin price failed to hold steady above the $68,000 zone. BTC started a new decline and traded below the USD 67,500 support zone. There was a drop below $67,000.
The price fell below the 76.4% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high. Finally, the price found some support near the $66,000 zone. It is now consolidating losses and a descending channel is forming with resistance at $68,000 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $67,200 and the 100 hourly moving average. If the price remains stable above $66,000, another move up can be attempted. Immediate resistance is near the $67,350 level.
The first major resistance is around the $68,000 level. A close above the USD 68,000 resistance could send the price higher. In the mentioned case, the price could rise and test the USD 68,800 resistance. Any further gains could send the price towards the USD 69,500 level. The next barrier for the bulls could be $70,000 and $70,500.
Lose more in BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could trigger another decline. Immediate support is near the $66,000 level or the 83.2% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high. The first major support is near the $65,500 level.
The next support is now near the $65,000 zone. Any further losses could send the price towards the USD 64,200 support in the near term. The key support now lies at $63,500, below which BTC could struggle to recover 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 66,000, followed by USD 65,000.
Major resistance levels – $67,350 and $68,000.