The bitcoin price began a further decline beneath the $66,500 threshold. BTC has been gaining a bearish trend and may revisit $63,200.
- Bitcoin has started to decline again from the $68,500 zone of resistance.
- Price is below the Simple Moving Average of 100 hours and $65,500.
- On the hourly chart for the BTC/USD, there was a breakdown below the key bullish line. Support is at $66,000 (data from Kraken).
- If the pair continues to trade down, it could extend its losses by trading towards support at $63,200.
Bitcoin Price Gains Bearish Momentum
Bitcoin’s price has failed to gain above its previous high. $66,500 support level. BTC entered another downward trend and moved below $66,000. The price moved below the Fib 50% retracement of the move upward from the swing low at $63,225 to the high of $68,313.
On the hourly BTC/USD chart, there has also been a breakdown below the key bullish line that provides support at $66,000. This pair has now started to accelerate lower under the $65,000 mark.
Bitcoin’s price has fallen below the $66,000 mark. 100 hourly Simple moving average. The price is below the Fib level of 76.4% retracement for the move upward from the swing low at $63,225 to the high at $68,313. Price could be facing resistance around the $65,200 area if a new recovery wave occurs.
First key resistance near $65,500. Another increase could be seen in future sessions if the resistance level of $65,500 is clearly breached. Next key resistance might be $66,200. Next major obstacle is $66,800, and 100 hourly Simple Moving Average. The price could rise if it closes over the $66,800 barrier. Price could test $68,000 in this case.
BTC: More losses in the BTC market?
Bitcoin could fall further if it fails to rise above the resistance level of $65,500. Near the $64,000 mark, there is immediate support for the downside.
First, we need to raise $63,200. Now, the next major support lies near $62,500. If the market continues to fall, it could push the price back toward $61,500 in the near future.
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 – $64,000, followed by $63,200.
Major Resistance Levels – $65,500, and $66,800.
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Source: www.newsbtc.com
