Bitcoin price is struggling to recover above the $67,000 zone. BTC could gain bearish momentum if a close occurs below the USD 64,500 level.
- Bitcoin is facing many hurdles near the USD 66,500 and USD 67,000 levels.
- The price is trading below $67,000 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance around $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now at risk of a downside break below the $64,500 support zone.
Bitcoin price increases remain limited
Bitcoin price entered a consolidation phase after declining towards the $64,500 level. Trading at a low of $64,572, BTC recently attempted a small recovery wave.
There was a move above the USD 66,000 level. The price climbed above the 23.6% Fib retracement level of the downwave from the $71,305 swing high to the $64,570 low. However, the bears were active around the $66,600 level.
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 $66,400 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $66,400 level and trendline. The first major resistance could be at $66,600. If there is a clear move above the USD 66,600 resistance zone, the price may start a new increase. In the mentioned case, the price could rise towards the 50% Fib retracement level of the downwave from the $71,305 swing high to the $64,570 low at $67,950.
Source: BTCUSD on TradingView.com
The next major resistance is near the $68,750 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 66,600 resistance zone, it could continue to decline. The immediate downside support is near the USD 65,200 level.
The first major support is at $64,600. 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 gaining speed 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 – $66,600, $67,000 and $67,950.
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