Bitcoin price started a new decline from the $69,250 zone. BTC is now struggling to stay above $66,000 and could extend losses in the near term.
- Bitcoin failed to break above $68,000 and started a new decline.
- The price is trading below $67,000 and the 100 hourly moving average.
- A bearish trendline is forming with resistance at $67,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it stays below the $67,500 and $67,800 levels.
Bitcoin price drops again
Bitcoin price failed to stay above the $68,800 zone and started a new decline. BTC traded below USD 68,200 and USD 68,000 to enter a bearish zone.
The bears even pushed the price below $67,000. A low was formed at $65,688, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $69,250 swing high to the $65,688 low.
Bitcoin is now trading below $67,000 and the 100 hourly moving average. If the price remains stable above $65,500, another move up can be attempted. The immediate resistance is near the $67,000 level.
The first major resistance is near the $67,500 level or the 50% Fib retracement level of the downward move from the $69,250 swing high to the $65,688 low. A bearish trendline is also forming with resistance at $67,450 on the hourly chart of the BTC/USD pair.
A close above the USD 67,500 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 68,000 resistance. Any further gains could send the price towards the USD 68,500 level. The next threshold for the bulls could be $68,800.
Lose more in BTC?
If Bitcoin fails to rise above the USD 67,500 resistance zone, it could trigger another decline. Immediate support is near the $66,000 level. 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 65,500.
Major resistance levels – $67,500 and $68,000.