Bitcoin’s price began a second decline, this time from the resistance zone of $66,850. BTC has started to move lower again and could even fall below the $65,500 zone of support.
- Bitcoin has failed to rise above the $67,000 mark and is now on a downward trend.
- The current price of the stock is lower than $66,800, and below 100-hour Simple moving average.
- The hourly chart shows a breakout below a bullish trendline with support of $66,500 (data feed by Kraken).
- This pair may continue to drop and could even fall below the $65,500 zone of support.
Bitcoin price resumes its decline
The Bitcoin price has struggled to rise above the $67,000 resistance zone. BTC remains in the bearish area and has started another decline since its high of $66,868. A move was made below the $66,500 mark.
On the hourly BTC/USD chart, there is also a breakdown below the bullish connecting trendline with support at $66500. The pair has traded below the level 23.6% of Fib that represents the retracement from the 65,075 swing-low to the $66,868 peak.
Bitcoin now trades below $66,800. 100 hourly Simple moving average. Price could test 50% of Fib’s retracement from swing low $65,075 up to high $66,868.
Price is experiencing resistance to the upwards near $66,500, and 100 hourly Simple Moving average. The $66,850 level could be the first significant resistance. The first major resistance could be $66,850. next The key resistance might be $67,000. If the market moves above $67,000, it could start a nice increase.
Price could test $66,000 as resistance in the case stated. BTC could reach the $68,500 barrier in the short term if it gains more.
BTC Losses Increased?
Bitcoin may continue its downward trend if it cannot break the $66,500 barrier. Near the $66,000 support level, there is immediate support for the downside.
The initial major contribution is $65750. First, the first major support is $65,750. next The support zone is forming now near $65,500. If the market continues to fall, it could soon reach the support level of $65,000.
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 – $66,500, followed by $65,000.
Major Resistance Levels – $66,500, and $67,000.
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Source: www.newsbtc.com