Bitcoin price extended losses below the $67,500 support area. BTC has tested the $66,000 support zone and is currently attempting a recovery.
- Bitcoin began another downtrend below the $68,500 support zone.
- The price is trading below $68,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bearish trend line attached, forming at resistance $68,650.
- The pair may recover, but the upside may be limited above the $68,500 level.
Bitcoin price plummets
Bitcoin price failed to start another rally above the $68,500 resistance zone. BTC reacted to the decline and traded below the $68,000 level. It fell below the $67,500 and $67,000 levels.
Prices tested the $66,000 area. A low was formed at $66,059 and the price is currently consolidating losses above the 23.6% Fib retracement level moving down from the $70,143 swing high to the $66,059 low. Bitcoin is currently trading below $68,500 and the 100-hour simple moving average.
On the other hand, the price is finding resistance near $67,600. The first major resistance could be $68,000 and the 50% Fib retracement level of a downward move from the $70,143 swing high to the $66,059 low.
The next major resistance could be $68,500. On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance at $68,650. The trend line is also close to the 100-hour simple moving average.
A clear break above the $68,500 resistance could push the price higher. If indicated, the price could move higher and test the $69,000 resistance. Further gains could push BTC towards the $70,200 resistance in the near term.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $68,500 resistance zone, another decline could begin. Immediate support for the downside is near the $66,700 level.
The first major support is at $66,200. The next support is currently forming near $66,000. More losses could lead the price towards the $65,500 support area in the near term.
Technical indicators:
Hourly MACD – MACD is currently losing pace in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $66,700, then $66,000.
Key resistance levels – $68,000 and $68,500.