Bitcoin price extended its decline below the $65,000 support zone. BTC is currently consolidating its losses and could attempt a wave of recovery towards $67,000.
- Bitcoin price has fallen further below the $65,500 and $65,000 levels.
- The price is trading below the 100-hour simple moving average at $67,500.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bearish trend line forming with resistance near $67,200.
- The pair may recover, but the bears may remain active near the $67,000 level.
Bitcoin price falls further
Bitcoin price turned red after breaking the $68,000 support zone. BTC extended its decline below the $65,500 and $65,000 levels. Finally, we tested the $64,500 region.
A low was formed around $64,572 and the price is currently consolidating losses. There was a move above the $65,000 level. The price even tested the 23.6% Fib retracement level of the decline from the swing high of $71,306 to the low of $64,572.
Bitcoin is currently trading below $67,000 and its 100 hourly simple moving average. There is also an important bearish trend line forming resistance near $67,200 on the hourly chart of BTC/USD.
Immediate resistance is near the $66,000 level. The first major resistance level could be $67,200 and the trendline. A clear move above the $67,200 resistance zone could cause the price to start a new upward move. In the above case, the price could rise towards the 50% fib retracement level of the decline from the swing high of $71,306 to the low of $64,572 at $67,950.
Source: BTCUSD on TradingView.com
The next major resistance level is near the $68,500 zone. Any further rally could send Bitcoin heading towards the $70,000 resistance zone in the near term.
Further losses for BTC?
If Bitcoin fails to rise above the $67,200 resistance zone, the decline could continue. Immediate support on the downside is near the $65,200 level.
The first major support is at $64,500. The next support is $64,000. If the closing price falls below $64,000, the price may start falling towards the $62,500 level. Any further losses could send the price towards the $60,500 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently below the 50 level.
Major support level – $65,200 followed by $64,500.
Key resistance levels – $66,000, $67,200, and $67,950.
