Bitcoin price started another decline below the $66,500 level. BTC is gaining bearish momentum and might revisit the $63,200 support.
Bitcoin started a fresh decline from the $68,500 resistance zone.
The price is trading below $65,500 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support at $66,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend losses and trade toward the $63,200 support zone.
Bitcoin price failed to hold gains above the $66,500 support level. BTC started another decline and traded below the $66,000 support zone. There was a move below the 50% Fib retracement level of the upward move from the $63,225 swing low to the $68,313 high.
Besides, there was a break below a key bullish trend line with support at $66,000 on the hourly chart of the BTC/USD pair. The pair is now accelerating lower below the $65,000 level.
Bitcoin price is now trading below $66,000 and the 100 hourly Simple moving average. It is also below the 76.4% Fib retracement level of the upward move from the $63,225 swing low to the $68,313 high. If there is a recovery wave, the price could face resistance near the $65,200 level.
The first key resistance is near the $65,500 level. A clear move above the $65,500 resistance might spark another increase in the coming sessions. The next key resistance could be $66,200. The next major hurdle sits at $66,800 and the 100 hourly Simple moving average. A close above the $66,800 resistance might push the price further higher. In the stated case, the price could rise and test the $68,000 resistance.
If Bitcoin fails to recover above the $65,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,000 level.
The first major support is $63,200. The next support is now near $62,500. Any more losses might send the price toward the $61,500 support zone 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.
Major Support Levels – $64,000, followed by $63,200.
Major Resistance Levels – $65,500, and $66,800.
[#item_full_content]NewsBTCRead MoreIn his testimony on Tuesday, Federal Reserve Chair Jerome Powell dampened hopes for another round…
Bitcoin banks are going to happen. We already have a few of them. We’re going…
There have been recent concerns within the crypto community regarding Binance’s recent activities after a…
By launching its Macro Strategic Reserve, World Liberty Financial (WLFI) has advanced significantly and strengthened…
Bitcoin (BTC) continues to move within its one-week range after recovering from its recent drop…
Alexander Vinnik, the jailed former operator of once mighty bitcoin exchange BTC-e, is being released…
