Bitcoin Price Consolidates Losses But Recovery Could Face Hurdles

Bitcoin price extended its decline below the $65,000 support zone. BTC is now consolidating losses and might attempt a recovery wave toward $67,000.

• Bitcoin price declined further below the $65,500 and $65,000 levels.
• The price is trading below $67,500 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance near $67,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could recover but the bears might remain active near $67,000.

Bitcoin Price Drops Further

Bitcoin price turned red after it broke the $68,000 support zone. BTC extended its decline below the $65,500 and $65,000 levels. Finally, it tested the $64,500 region.

A low was formed near $64,572 and the price is now consolidating losses. There was a move above the $65,000 level. The price even tested the 23.6% Fib retracement level of the downward move from the $71,306 swing high to the $64,572 low.

Bitcoin is now trading below $67,000 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $67,200 on the hourly chart of the BTC/USD.

Immediate resistance is near the $66,000 level. The first major resistance could be $67,200 and the trend line. If there is a clear move above the $67,200 resistance zone, the price could start a fresh increase. In the stated case, the price could rise toward the 50% Fib retracement level of the downward move from the $71,306 swing high to the $64,572 low at $67,950.

Source: BTCUSD on TradingView.com

The next major resistance is near the $68,500 zone. Any more gains might send Bitcoin toward the $70,000 resistance zone in the near term.

More Losses In BTC?

If Bitcoin fails to rise above the $67,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $65,200 level.

The first major support is $64,500. The next support sits at $64,000. If there is a close below $64,000, the price could start a drop toward the $62,500 level. Any more losses might send the price toward the $60,500 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 – $65,200, followed by $64,500.

Major Resistance Levels – $66,000, $67,200, and $67,950.

Source