Bitcoin price is struggling to recover above the $67,000 level. If BTC closes below the $64,500 level, it could gain bearish momentum.
- Bitcoin faces many obstacles near the $66,500 and $67,000 levels.
- The price is trading below $67,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bearish trendline forming with resistance near $66,400.
- The pair is now at risk of a downside break below the $64,500 support.
Bitcoin price gains remain limited
Bitcoin price fell to the $64,500 level and then began a consolidation phase. BTC traded as low as $64,572 and recently attempted a minor recovery.
There was a move above the $66,000 level. Prices crossed the 23.6% Fib retracement level of the bearish wave from the $71,305 swing high to the $64,570 low. However, the bears were actively trading near the $66,600 level.
Bitcoin is currently trading below $67,000 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a major bearish trend line forming with resistance near $66,400.
Immediate resistance is near the $66,400 level and trend line. The first major resistance could be at $66,600. If there is a clear move above the $66,600 resistance zone, the price could start a fresh rise. If indicated, the price could rise towards the 50% Fib retracement level of the downward wave from the $71,305 swing high to the $64,570 low to $67,950.
Source: TradingView.com BTCUSD
The next major resistance is near $68,750. If more gains occur, Bitcoin may head towards the $70,000 resistance zone in the near term.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $66,600 resistance zone, it may continue to fall. Immediate support for the downside is near the $65,200 level.
The first major support is $64,600. The next grant is $64,000. If it closes below $64,000, the price may start to fall towards the $62,500 level. More losses could lead the price towards the $60,500 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $65,200, then $64,500.
Key resistance levels – $66,600, $67,000 and $67,950.
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