Bitcoin price extended its decline below the $65,000 support zone. BTC is currently consolidating losses and may attempt a recovery towards $67,000.
- Bitcoin price fell further below the $65,500 and $65,000 levels.
- The price is trading below $67,500 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 $67,200.
- The pair may recover, but the bears may remain active near $67,000.
Bitcoin price falls further
Bitcoin price went into the red after breaking the $68,000 support zone. BTC extended its decline below the $65,500 and $65,000 levels. It last tested the $64,500 region.
A low was formed near $64,572 and the price is currently consolidating losses. There was a move above the $65,000 level. The price also tested the 23.6% Fib retracement level moving down from the $71,306 swing high to the $64,572 low.
Bitcoin is currently trading below $67,000 and the 100-hour simple moving average. The hourly chart of BTC/USD also has a major bearish trend line forming with resistance near $67,200.
Immediate resistance is near the $66,000 level. The first major resistance level is $67,200 and could become a trend line. If there is a clear move above the $67,200 resistance zone, the price could start a fresh rise. If stated, the price may rise towards the 50% Fib retracement level of the downside move from the $71,306 swing high to the $64,572 low at $67,950.
Source: TradingView.com BTCUSD
The next major resistance is near $68,500. 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 $67,200 resistance zone, it may continue to fall. Immediate support for the downside is near the $65,200 level.
The first major support is $64,500. 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 push the price towards the $60,500 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 – $65,200, then $64,500.
Key resistance levels – $66,000, $67,200, $67,950.
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