Bitcoin price extended its decline below the USD 65,000 support zone. BTC is now consolidating losses and could attempt a recovery wave towards $67,000.
- Bitcoin price fell further below the USD 65,500 and USD 65,000 levels.
- The price is trading below $67,500 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $67,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could recover, but the bears could remain active around $67,000.
Bitcoin price continues to fall
Bitcoin price turned red after breaking the USD 68,000 support zone. BTC extended its decline below the USD 65,500 and USD 65,000 levels. Finally, the $64,500 region was tested.
A low was formed near USD 64,572 and the price is now consolidating losses. There was a move above the USD 65,000 level. The price even tested the 23.6% Fib retracement level of the downward move from the $71,306 swing high to the $64,572 low.
Bitcoin is now trading below $67,000 and the 100 hourly Simple Moving Average. There is also a major bearish trendline forming with resistance around $67,200 on the hourly chart of BTC/USD.
The immediate resistance is near the $66,000 level. The first major resistance could be $67,200 and the trendline. If there is a clear move above the USD 67,200 resistance zone, the price could start a new increase. In the mentioned case, the price could rise towards the 50% Fib retracement level of the downward move from the $71,306 swing high to the $64,572 low at $67,950.
Source: BTCUSD on TradingView.com
The next major resistance is near the $68,500 zone. Any further gains could send Bitcoin towards the $70,000 resistance zone in the short term.
Lose more in BTC?
If Bitcoin fails to rise above the USD 67,200 resistance zone, it could continue to decline. The immediate downside support is near the USD 65,200 level.
The first major support is at $64,500. The next support is $64,000. If there is a close 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 near term.
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 – USD 65,200, followed by USD 64,500.
Major resistance levels – $66,000, $67,200 and $67,950.
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