Bitcoin price corrected its gains and tested the $66,000 support. $BTC is currently consolidating losses and could fall further below the $65,500 zone.
- Bitcoin has struggled to recover its losses and remains below $67,200.
- The price is trading below the 100 hourly simple moving average at $67,200.
- On the hourly chart, resistance has formed at $68,000, forming a descending channel. $BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $66,000 and $65,500 levels.
Bitcoin price falls again
Bitcoin price failed to remain stable above the $68,000 zone. $BTC A new decline began, trading below the $67,500 support zone. There was also a push below $67,000.
Price fell below the 76.4% Fib retracement level of the swing low of $65,072 to high of $70,935. Finally, the price found some support around the $66,000 zone. It is currently consolidating its losses, with resistance forming at $68,000 on the hourly chart, forming a descending channel. $BTC/USD pair.
Bitcoin is currently trading below $67,200 and its 100-hour simple moving average. If the price remains stable above $66,000, it could attempt a new rally. Immediate resistance is near the $67,350 level.
The first major resistance level is near the $68,000 level. If the price closes above the $68,000 resistance, the price could move higher. In the above case, the price could rise and test the $68,800 resistance. Further upside could push the price closer to the $69,500 level. The next hurdles for the bulls could be $70,000 and $70,500.
more losses will occur $BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, further declines could begin. Immediate support is near the $66,000 level, or the 83.2% Fib retracement level of the swing low of $65,072 to the high of $70,935. The first major support is near the $65,500 level.
The next support is currently located near the $65,000 zone. Any further losses could send the price towards the $64,200 support in the near term. The current major support is $63,500, but it is below that. $BTC Recovery may be difficult in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI $BTC/USD is currently below the 50 level.
Major support level – $66,000, then $65,000.
Key resistance levels – $67,350 and $68,000.
