Bitcoin price extended losses and tested the $65,500 support zone. BTC is now consolidating and might aim for a fresh increase if it clears $66,500.
Bitcoin tested the $65,500 level and is attempting a recovery wave.
The price is trading below $68,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start a fresh increase if it clears the $66,500 resistance zone.
Bitcoin price extended losses below the $66,500 support zone. BTC even spiked below the $66,000 and $65,500 levels. A low is formed near $65,337 and the price is now consolidating losses.
It recovered above the $66,000 level and tested the 23.6% Fib retracement level of the downward move from the $69,985 swing high to the $65,337 low. However, the price is now struggling to clear the $66,500 resistance zone. There is also a connecting bearish trend line forming with resistance at $66,400 on the hourly chart of the BTC/USD pair.
Bitcoin price is trading below $68,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $66,400 level. The first key resistance is near the $66,500 level.
A clear move above the $66,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $67,650 or the 50% Fib retracement level of the downward move from the $69,985 swing high to the $65,337 low.
The next major hurdle sits at $68,200. A close above the $68,200 resistance might spark bullish moves. In the stated case, the price could rise and test the $70,000 resistance.
If Bitcoin fails to recover above the $66,500 resistance zone, it could start another decline. Immediate support on the downside is near the $66,000 level.
The first major support is $65,350. The next support is now near $65,000. Any more losses might send the price toward the $63,500 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 – $66,000, followed by $65,350.
Major Resistance Levels – $66,500, and $67,650.
[#item_full_content]NewsBTCRead MoreThe price of Bitcoin picked up this week from where it left off in the…
A crypto analyst who accurately forecasted the Bitcoin price increase to the $99,000 All-Time High…
On-chain data shows a majority of the Bitcoin supply hasn’t moved in more than two…
Cboe, the derivatives exchange for digital assets and securities trading, is set to make a…
The ongoing Bitcoin bull market has sparked renewed interest in on-chain metrics to fully understand…
The Bitcoin price is well on its way to reaching the $100,000 price mark, with…