Bitcoin price extended losses below the USD 67,500 support zone. BTC tested the $66,000 support zone and is now attempting a recovery wave.
- Bitcoin started to fall again below the $68,500 support zone.
- The price is trading below $68,000 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $68,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could recover, but upside could be limited above the $68,500 level.
Bitcoin price dives
Bitcoin price failed to rise again above the USD 68,500 resistance zone. BTC responded to the downtrend and traded below the USD 68,000 level. There was a decline below the USD 67,500 and USD 67,000 levels.
The price tested the $66,000 zone. A low was formed at $66,059 and the price is now consolidating losses above the 23.6% Fib retracement level of the downward move from the $70,143 swing high to the $66,059 low. Bitcoin is now trading below $68,500 and the 100 hourly Simple Moving Average.
On the upside, the price is facing resistance around the $67,600 level. The first major resistance could be at $68,000 and the 50% Fib retracement level of the downside move from the $70,143 swing high to the $66,059 low.
The next major resistance could be at USD 68,500. A connecting bearish trendline is also forming with resistance at $68,650 on the hourly chart of the BTC/USD pair. The trendline is also close to the 100 Hourly Simple Moving Average.
A clear move above the USD 68,500 resistance could push the price higher. In the mentioned case, the price could rise and test the USD 69,000 resistance. Any further gains could send BTC towards the USD 70,200 resistance in the near term.
Lose more in BTC?
If Bitcoin fails to climb above the USD 68,500 resistance zone, it could trigger another decline. The immediate downside support is near the $66,700 level.
The first major support is at $66,200. The next support is now near $66,000. Any further losses could send the price towards the $65,500 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 – $66,700, followed by $66,000.
Major resistance levels – $68,000 and $68,500.