Bitcoin price failed to break the $66,500 resistance level. BTC is in a downward trend again and may fall below the $64,600 support zone.
- Bitcoin started a new decline near the $66,500 resistance level.
- The price is trading below $65,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the connecting bullish trendline with support at $65,250.
- The pair could extend losses if there is a clear move below the $64,600 and $64,200 support levels.
Bitcoin price faces rejection
The price of Bitcoin began a recovery by surpassing the $65,000 level. BTC surpassed the $65,500 and $66,200 levels. However, the bears were active near the $66,500 area. A high was formed at $66,444 and the price began another downward trend.
It has moved below the $65,500 and $65,400 support levels. The price fell below the 50% Fib retracement level, rising from the $64,050 swing low to the $66,444 high. Moreover, on the hourly chart of the BTC/USD pair, a break occurred below the connected bullish trendline with support at $65,250.
The price tested the $64,600 support and the 76.4% Fib retracement level rising from the $64,050 swing low to the $66,444 high.
Bitcoin is currently trading below $65,500 and the 100-hour simple moving average. In case of another uptrend, the price may face resistance near the $65,250 level. The first major resistance could be at $65,500. The next major resistance could be $66,000.
A clear break above the $66,000 resistance could mark the start of a steady rise and push the price higher. If indicated, the price could move higher and test the $66,500 resistance. Further gains could push BTC towards $67,500 resistance in the near term.
Are there more downsides to BTC?
If Bitcoin fails to rise above the $65,250 resistance zone, it may continue to fall. Immediate support for the downside is near the $64,600 level.
The first major support is at $64,200. The next support is currently forming near $64,000. 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 – $64,600, then $64,000.
Key resistance levels – $65,250 and $66,500.