Bitcoin price extended losses and traded below the $65,000 level. BTC is showing signs of weakness and losses may widen below the $64,600 level.
- Bitcoin continued its downward trend, trading below $65,000.
- The price is trading below $66,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a connecting trendline forming resistance at $67,500.
- The pair may continue to decline and may even trade below the $64,500 support zone.
Bitcoin price decline extends
Bitcoin price struggled to recover above the $66,500 resistance zone. BTC remained in bearish territory and began a new decline from its high of $67,256. There was a move below the $66,500 level.
There was a clear move below the $65,500 and $65,000 support levels. The last tested price was $64,600. The low was formed at $64,611 and the price is currently consolidating losses. There was a slight increase above the $65,000 level. The price broke above the 23.6% Fib retracement level of the downward move from the $67,256 swing high to the $64,611 low.
Bitcoin is currently trading below $66,000 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a connecting trend line forming resistance at $67,500.
On the upside, the price is facing resistance near the $66,000 level or the 50% Fib retracement level of a downward move from the $67,256 swing high to the $64,611 low. The first major resistance could be at $66,250. The next major resistance could be $66,500.
A clear break above the $66,500 resistance could initiate a significant rally and push the price higher. If stated, the price could move higher to test the $67,500 resistance. Further gains could push BTC towards $68,500 resistance in the near term.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $66,000 resistance zone, it may continue to fall. Immediate support for the downside is near the $65,000 level.
The first major support is $64,600. The next support is currently forming near $64,500. More losses could lead the price towards the $63,200 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 – $65,000, $64,500.
Key resistance levels – $66,000 and $66,500.