Bitcoin price has been facing losses and has recently tested the $65,500 support zone. The cryptocurrency is now consolidating and may strive for a fresh increase if it manages to surpass the $66,500 mark. The price is currently trading below $68,000 and the 100 hourly Simple Moving Average. A bearish trend line is forming with resistance at $66,400 on the hourly chart of the BTC/USD pair from Kraken. If the price is successful in breaking the $66,500 resistance zone, it could potentially start a new upswing.
After dipping below the $66,500 support zone, Bitcoin price continued to decline and dropped below $66,000 and $65,500 levels. However, it found a low near $65,337 and is now working on consolidating its losses. The price managed to recover above $66,000 and tested the 23.6% Fibonacci retracement level of the downward move from the $69,985 swing high to the $65,337 low. But, it is struggling to surpass the $66,500 resistance zone, where a bearish trend line is also forming at $66,400 on the hourly chart. The current position shows Bitcoin trading below $68,000 and the 100 hourly SMA, facing resistance near $66,400 with the main roadblock at $66,500.
In the event of a successful breakout above the $66,500 resistance level, Bitcoin price could potentially see further upward movement in the near future. The next key resistance levels to watch out for would be around $67,650 or the 50% Fibonacci retracement level of the previous downward move from $69,985 to $65,337. If the price manages to surpass these resistance levels, the next major hurdle lies at $68,200. A close above this level could trigger bullish momentum, potentially pushing the price towards the $70,000 resistance mark. However, if Bitcoin fails to break above the $66,500 resistance zone, it could face another round of declines with immediate support at $66,000, followed by major support levels at $65,350 and $65,000. Further losses could potentially take the price towards the $63,500 support zone in the near term.
On the technical indicators front, the hourly MACD for Bitcoin is currently indicating a loss of momentum in the bearish zone, while the hourly Relative Strength Index (RSI) for BTC/USD is below the 50 level. The major support levels to keep an eye on are $66,000 and $65,350, with resistance levels set at $66,500 and $67,650. The future movement of Bitcoin price will largely depend on whether it can successfully break above the key resistance levels or if it will face further declines if it fails to do so. Traders and investors are advised to monitor the price action closely and stay updated on any developments that may impact the cryptocurrency market.
