Bitcoin price has started another decline from the $66,850 resistance area. BTC is once again moving lower and may drop below the $65,500 support area.
- Bitcoin failed to rise above $67,000 and started another decline.
- The price is trading below the $66,800 level and the 100 hourly simple moving average.
- There was a break below the connecting uptrend line with support at $66,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue moving lower and even trade below the $65,500 support area.
Bitcoin price resumes decline
Bitcoin price struggled to climb above the $67,000 resistance area. BTC remained in a bearish zone and started a new decline from the high of $66,868. There was a move below the $66,500 level.
Moreover, there was a break below the connecting uptrend line with support at $66,500 on the hourly chart of the BTC/USD pair. The pair traded below the 23.6% Fibonacci retracement level of the upward move from the low of $65,075 to the high of $66,868.
Bitcoin is now trading below the $66,800 level and the 100 hourly simple moving average. It looks like the price may soon test the 50% Fib retracement level of the upward move from the low of $65,075 to the high of $66,868.
On the upside, the price is facing resistance near the $66,500 level and the 100 hourly simple moving average. The first major resistance could be at $66,850. The next major resistance could be $67,000. A clear move above the $67,000 resistance could trigger a good rally and send the price higher.
In the mentioned case, the price may rise and test the $66,000 resistance level. Any further gains could send BTC towards the $68,500 resistance level in the near term.
More losses in BTC?
If Bitcoin fails to rise above the $66,500 resistance area, it may continue to move lower. Immediate support on the downside is near the $66,000 level.
The first major support is $65,750. The next support is now forming near $65,500. Any further losses could send the price towards the $65,000 support area in the near term.
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.
Key Support Levels – $66,500, followed by $65,000.
Major resistance levels – $66,500 and $67,000.