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The price of Bitcoin (BTC) has begun another downturn from the $70,000 resistance area to $66,000 as bearish sentiment has increased. BTC has decreased by more than 5%, moving below the $67,000 support level.
Bitcoin Price Declines
Bitcoin’s price faced challenges in maintaining a position above the $70,000 resistance area. BTC reacted negatively after breaking through the $69,200 support level.
A significant drop occurred below the $68,500 mark.
The price even fell beneath the $67,000 threshold, ultimately testing the $66,000 level with a bearish trend.
A low was established around $65,992, and the price is currently attempting a recovery phase. It has moved above the $66,800 level.
The price has surpassed the 23.6% Fibonacci retracement level of the decline from the $69,884 swing high to the $65,992 low.
However, Bitcoin is presently trading below $68,500 and the 100-hour Simple Moving Average. Additionally, a significant bearish trend line is forming with resistance near $68,400 on the hourly chart for BTC/USD.
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Immediate resistance is located near the $68,000 level, which is close to the 50% Fibonacci retracement level of the decline from the $69,884 swing high to the $65,992 low.
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The first significant resistance could be at $68,500 and the trend line. Should there be a clear movement above the $68,500 resistance area, the price may initiate a new upward trend.
In this scenario, the price could advance toward the $70,000 resistance area in the near future. The next major resistance is situated around the $71,500 zone.
Further Declines for BTC?
If Bitcoin is unable to rise above the $67,000 resistance area, it may continue to decline. Immediate support on the downside is near the $66,000 level.
BTC Price Chart | Source: Coinstats
The first major support level is at $65,000, followed by $64,000. If the price closes below $64,000, it could begin to drop toward the $62,500 level. Additional losses may push the price toward the $60,500 support area in the near term.
Technical Indicators:
- Hourly MACD – The MACD is currently gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 mark.
- Major Support Levels – $66,000, followed by $65,000.
- Major Resistance Levels – $68,000, $68,500, and $70,000.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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The post What! Bitcoin (BTC) Price Dumped To $66K As Bears Gained Strength, $64K Next? appeared first on BitcoinWorld.
