Is this the beginning of a new decline?

Bitcoin price struggled to break below the $68,500 resistance area. Bitcoin is correcting its gains and could fall further below the $65,500 support area.

• Bitcoin started a correction wave from the $68,500 resistance area.
• The price is trading below the $66,500 level and the 100-hour simple moving average.
• There was a break below a major bullish trend line with support at $67,200 on the hourly chart of the BTC/USD pair (data from Kraken).
• The pair may continue its losses and trade below the $65,500 support area.

Bitcoin price maintains gains above $67K

Bitcoin price fails to stay above Resistance levels $66,500 and $67,000Bitcoin (BTC) extended its decline and traded below the $66,000 support level to move into a short-term bearish zone.

There was a break below a major bullish trend line with support at $67,200 on the hourly chart of the BTC/USD pair. The pair even rose below the $65,500 level. A low was formed at $65,458 and the price is now consolidating losses. It is trading below the 23.6% Fib retracement level of the recent decline from the $68,240 swing high to $65,458 swing low.

Bitcoin price is now trading below $66,500 100 hour simple moving averageIn case of a fresh rise, the price may face resistance near the $66,150 level.

The first major resistance is near the $66,800 level and the 50% Fib retracement level of the recent decline from the $68,240 high to $65,458 low. A clear move above the $66,800 resistance could lead to another increase in the coming sessions.

The next major resistance could be at $67,100. The next major hurdle is at $67,200. A close above the $67,200 resistance could push the price higher. In the mentioned case, the price could rally and test the $68,000 resistance.

More BTC losses?

If Bitcoin fails to rise above the resistance area at $67,200, it may continue to decline. Immediate support on the downside is near the $65,500 level.

The first major support is $65,080. The next support is now near $64,200. Any further losses could push the price towards the $63,500 support area in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bearish zone.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.

Key support levels – $65,500, followed by $65,000.

Key resistance levels – $67,200, $68,000.