Bitcoin Price Could Struggle And Continue Lower – Here’s Why

Bitcoin price is struggling to recover above the $67,000 zone. BTC could gain bearish momentum if there is a close below the $64,500 level.

• Bitcoin is facing many hurdles near the $66,500 and $67,000 levels.
• The price is trading below $67,000 and the 100 hourly Simple moving average.
• There is a major bearish trend line forming with resistance near $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is now at risk of a downside break below the $64,500 support zone.

Bitcoin Price Upsides Remain Capped

Bitcoin price started a consolidation phase after there was a drop toward the $64,500 level. BTC traded as low as $64,572 and recently attempted a minor recovery wave.

There was a move above the $66,000 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the $71,305 swing high to the $64,570 low. However, the bears were active near the $66,600 level.

Bitcoin is now trading below $67,000 and the 100 hourly Simple moving average. There is also a major bearish trend line forming with resistance near $66,400 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $66,400 level and the trend line. The first major resistance could be $66,600. If there is a clear move above the $66,600 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 wave from the $71,305 swing high to the $64,570 low at $67,950.

Source: BTCUSD on TradingView.com

The next major resistance is near the $68,750 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 $66,600 resistance zone, it could continue to move down. Immediate support on the downside is near the $65,200 level.

The first major support is $64,600. 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 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 – $65,200, followed by $64,500.

Major Resistance Levels – $66,600, $67,000, and $67,950.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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