Bitcoin price failed to overcome the USD 67,000 resistance. BTC pared gains and is now struggling to stay above the USD 63,650 support zone.
- Bitcoin started falling again after failing to cross the USD 67,200 resistance zone.
- The price is trading below $65,000 and the 100 hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $66,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but the bears could remain active near the $65,500 zone.
Bitcoin price drops again
Bitcoin price struggled to break the USD 67,000 and USD 67,200 resistance levels. BTC formed a short-term topping pattern and started a new decline below the USD 66,000 level.
There was a move below the $65,500 support. Moreover, there was a break below a key bullish trendline with support at $66,200 on the hourly chart of the BTC/USD pair. The pair even peaked below $63,650. A low was formed at $63,583 and the price is now consolidating losses.
Bitcoin price is now trading below $65,500 and the 100 hourly Simple Moving Average. Immediate resistance is near the $64,500 level or the 23.6% Fib retracement level of the downward move from the $67,195 swing high to the $63,583 low.
The first major resistance could be $65,350, or the 50% Fib retracement level of the downward move from the $67,195 swing high to the $63,583 low. A clear move above the USD 65,350 resistance could push the price higher. The next resistance is now at $65,850. If there is a clear move above the USD 65,850 resistance zone, the price could continue to rise. In the mentioned case, the price could increase to $67,000.
Source: BTCUSD on TradingView.com
The next major resistance is near the $67,200 zone. Any further gains could send Bitcoin towards the $68,800 resistance zone in the short term.
Lose more in BTC?
If Bitcoin fails to rise above the USD 65,350 resistance zone, it could continue to decline. The immediate downside support is near the USD 63,500 level.
The first major support is at $62,600. If there is a close below $62,600, the price may start falling towards $61,200. Any further losses could send the price towards the $60,000 support zone in the short 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 63,500, followed by USD 62,600.
Major resistance levels – $65,350, $65,850 and $67,000.
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