Bitcoin price failed to rise above $68,000 and plummeted. $BTC is currently consolidating its losses and may find it difficult to break above $66,000.
- Bitcoin began a new decline, trading below the $66,500 support.
- The price is trading below the 100 hourly simple moving average at $66,500.
- On the hourly chart, the price broke below the bullish trend line with support at $68,000. $BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $64,500 and $64,200 levels.
Bitcoin price plummets by more than 5%
Bitcoin price failed to remain stable above the $67,200 zone. $BTC A new decline began, trading below the $66,500 support zone. There was also a push below $66,000.
Prices soared to below $65,000. There was also a break below the bullish trend line with support at $68,000 on the hourly chart. $BTC/USD pair. The low was formed at $64,203 and the price is currently correcting some losses. Despite the move above $64,500, the price is still well below the 23.6% Fib retracement level of the recent decline from the swing high of $68,653 to the low of $64,203.
Bitcoin is currently trading below $66,500 and its 100-hour simple moving average. If the price remains stable above $64,200, it could attempt another rally. Immediate resistance is near the $65,250 level.
The first major resistance is near the $66,400 level, or the 50% fibritracement level of the recent decline from the swing high of $68,653 to the low of $64,203. If the price closes above the $66,400 resistance, the price could move higher. In the above case, the price could rise and test the $67,000 resistance. Further upside could push the price closer to the $67,600 level. The next hurdles for the bulls could be $68,000 and $68,500.
further decline $BTC?
If Bitcoin fails to rise above the $66,000 resistance zone, further decline could begin. Immediate support is near the $64,400 level. The first major support is near the $64,200 level.
The next support is currently located near the $63,500 zone. Any further losses could send the price towards the $62,850 support in the near term. The current major support is $62,000 and below it. $BTC Recovery may be difficult in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI $BTC/USD is currently below the 50 level.
Major support level – $64,500 followed by $64,200.
Key resistance levels – $66,000 and $66,500.
