Bitcoin extended its losses and tried to test the $65,500 zone of support. BTC has now consolidated and could aim to increase again if it surpasses $66,500.
- Bitcoin is currently trying to make a comeback after testing the $65,500 mark.
- Price is below the Simple Moving Average of 100 hours and $68,000.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with resistance around $66,400. (Data feed from Kraken)
- It is possible that the pair will start an increase again if they clear $66,500.
The Bitcoin price is Revisiting Support
Bitcoin extended its declines below. $66,500 support zone. BTC has even spiked under the $66,000- and $65,500-levels. The price has now reached a low near $65,337.
The price recovered and reached the Fib level 23.6% of the decline from the swing high $69,985 to the low $65,337. The price has been struggling to break through the $66,500 zone of resistance. A bearish line is also developing with resistance at the $66,400 level on the BTC/USD hourly chart.
Bitcoin’s price has fallen below the $68,000 mark. 100 hourly Simple moving average. The price may face resistance in the area of $66,400. First, the key resistance lies near $66,500.
Price could move higher in future sessions if a clear break above $66,500. The next major resistance level could be $67.650 or the 50 percent Fib Retracement Level of the decline from the $69.985 swing low to the $65,337 bottom.
Next up is $68,200. Bullish movements could be sparked by a close above $68,200. Price could test the $70,000 barrier in this case.
BTC: Another drop in the BTC price?
Bitcoin’s next decline could be triggered if the currency fails to break above $66,500. Support for the short-term is at the $66,000 mark.
First, we need to raise $65,350. Next support will be near $65,000. In the short term, any further losses could send the price towards the support zone of $63,500.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $66,000, followed by $65,350.
Major Resistance Levels – $66,500, and $67,650.
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Source: www.newsbtc.com
