Bitcoin price extended losses and tested the $65,500 support zone. BTC is currently consolidating and could target a fresh upside if it breaks $66,500.
- Bitcoin has tested the $65,500 level and is attempting a recovery.
- The price is trading below $68,000 and the 100 hourly simple moving average.
- According to data provided by Kraken, the hourly chart of BTC/USD shows a resistance line forming at $66,400, forming a downtrend line.
- The pair could see a fresh uptrend if it breaks the $66,500 resistance zone.
Bitcoin price returns to support again
Bitcoin price extended losses below the $66,500 support zone. BTC surged below the $66,000 and $65,500 levels. A low was formed near $65,337 and the price is currently consolidating losses.
It recovered above the $66,000 level and tested the 23.6% Fib retracement level of the downward move from the $69,985 swing high to $65,337 low. However, the price is currently struggling to break above the $66,500 resistance zone. There is also a connected downtrend line forming resistance at $66,400 on the hourly chart of the BTC/USD pair.
Bitcoin price is trading below $68,000 and the 100 hourly simple moving average. In an uptrend, the price may face resistance near the $66,400 level. The first major resistance is near the $66,500 level.
A clear break above the $66,500 resistance level could see prices move higher in the next session. The next major resistance level could be $67,650 or the 50% Fibonacci correction level of the downtrend from the $69,985 swing high to the $65,337 low.
The next major hurdle is at $68,200. A close above the $68,200 resistance level could trigger a bullish move. If so, the price could rally and test the $70,000 resistance level.
Bitcoin Another Downtrend?
If Bitcoin fails to recover above the $66,500 resistance zone, another downtrend could begin. Immediate support for the downtrend lies near the $66,000 level.
The first major support is at $65,350. The next support is currently near $65,000. Any further losses could push the price towards the $63,500 support area in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum in a downtrend.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Key support levels – $66,000, then $65,350.
Key resistance levels – $66,500 and $67,650.