The Bitcoin price has started a new decline after breaking through the resistance level of $66,850. BTC has started to move lower again and could even fall below the $65,500 zone of support.
- Bitcoin has failed to rise above the $67,000 mark and is now on a downward trend.
- Price is below the Simple Moving Average of 100 hours and $66,800.
- The hourly chart shows a breakout below a bullish trendline with support of $66,500 (data feed by Kraken).
- It is possible that the pair will continue to fall and trade even below $65,500.
Bitcoin price resumes its decline
Bitcoin Price struggled above the $67,000 resistance zone. BTC is still in a negative zone. It has begun a new decline after the high of $66,868. A move was made below the $66,500 mark.
On the hourly BTC/USD chart, there is also a breakdown below the bullish connecting trendline with support at $66500. The pair has traded below the level 23.6% of Fib that represents the upward movement from the swing-low $65,075 up to the $66,868 peak.
Bitcoin has fallen below the $66,800 mark. 100 hourly Simple moving average. Price could test 50% of Fib’s retracement from swing low $65,075 up to high $66,868.
The price faces resistance on the upside near the level of $66,500 and the Simple Moving Average 100-hourly. First major resistance may be at $66,850. Next, $67,000 could become a key resistance. The price could rise if the resistance is broken.
Price could test $66,000 as resistance in the case stated. BTC’s price could rise further and test the resistance of $68,500 in the near future.
BTC Losses Increased?
Bitcoin may continue its downward trend if it cannot break the $66,500 barrier. The $66,000 level is the immediate support to the downside.
First major support at $65,750. Now, the next major support zone is forming around $65,500. If the market continues to fall, it could soon reach the support level of $65,000.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $66,500, followed by $65,000.
Major Resistance Levels – $66,500, and $67,000.
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Source: www.newsbtc.com
