The Bitcoin price failed to stay above $66,000 and continued to decline. BTC is now consolidating losses and could struggle to recover above $66,000.
- Bitcoin started a new decline and traded below the $66,000 support.
- The price is trading below $65,500 and the 100 hourly moving average.
- A bearish trendline is forming with resistance at $66,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $63,500 and $63,200 levels.
Bitcoin price breaks key support
Bitcoin price failed to hold steady above the $66,500 zone. BTC started a new decline and traded below the USD 66,000 support zone. There was a drop below $65,000.
The price even peaked below $64,000. A low was formed at $63,351, and the price is now correcting some losses. There was a move above $64,000, but the price is still well below the 23.6% Fib retracement level of the recent decline from the $68,652 swing high to the $63,351 low.
Bitcoin is now trading below $66,000 and the 100 hourly moving average. If the price remains stable above $64,000, another move up can be attempted. The immediate resistance is near the $64,600 level.
The first major resistance is around the $65,250 level. A close above the USD 65,250 resistance could send the price rising further. In the said case, the price could rise and test the $66,000 resistance or the 50% Fib retracement level of the recent decline from the $68,652 swing high to the $63,351 low.
Any further gains could send the price towards the USD 66,800 level. A bearish trendline is also forming with resistance at $66,800 on the hourly chart of the BTC/USD pair. The next threshold for the bulls could be $67,500 and $67,700.
Another drop in BTC?
If Bitcoin fails to rise above the USD 65,250 resistance zone, it could trigger another decline. Immediate support is approaching the $64,000 level. The first major support is near the $63,500 level.
The next support is now near the $63,200 zone. Any further losses could send the price towards the USD 62,650 support in the near term. The key support now lies at $62,000, 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 64,000, followed by USD 63,500.
Major resistance levels – $65,000 and $66,000.