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Bitcoin price extended its losses and was trading below the $65,000 level. BTC is showing bearish signs and losses may be extended below the $64,600 level.
- Bitcoin remained in a bearish zone and traded below $65,000.
- The price is trading below the $66,000 level and the 100 hourly simple moving average.
- There is a solid trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue moving lower and even trade below the $64,500 support area.
Bitcoin price extends its decline
Bitcoin price struggled to recover above the level $66,500 resistance area. BTC remained in a bearish zone and started a new decline from the high of $67,256. There was a move below the $66,500 level.
There was a clear move below the $65,500 and $65,000 support levels. Finally, test the price at $64,600. The low was formed at $64,611 and the price is now consolidating losses. There was a slight increase above the $65,000 level. The price rose above the 23.6% Fibonacci retracement level of the downward move from the swing high at $67,256 to the swing low at $64,611.
Bitcoin is now trading at just under $66,000 100 hourly simple moving average. There is also a solid trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair.
On the upside, the price is facing resistance near the $66,000 level or 50% Fibonacci retracement level of the downward move from the $67,256 swing high to the $64,611 low. The first major resistance could be at $66,250. The next major resistance could be $66,500.
A clear move above the $66,500 resistance could trigger a good rally and send the price higher. In the mentioned case, the price may rise and test the $67,500 resistance level. Any further gains could send BTC towards the $68,500 resistance level in the near term.
More losses in BTC?
If Bitcoin fails to rise above the $66,000 resistance area, it may continue to move lower. Immediate support on the downside is near the $65,000 level.
The first major support is $64,600. The next support is now forming near $64,500. Any further losses could send the price towards the $63,200 support area 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.
Key Support Levels – $65,000, followed by $64,500.
Major resistance levels – $66,000 and $66,500.
