Bitcoin price recently revisited the $65,500 support zone, extending its losses before attempting a recovery wave. The price is currently trading below $68,000 and the 100 hourly Simple Moving Average, facing resistance at the $66,400 level. A connecting bearish trend line has formed on the hourly chart of the BTC/USD pair, indicating a potential struggle for the digital asset to break above the $66,500 resistance zone.
After hitting a low of $65,337, Bitcoin price has been consolidating its losses, struggling to clear the $66,500 resistance. The price recovered above $66,000 and tested the 23.6% Fibonacci retracement level, but failed to break above the $66,500 resistance zone. The next key resistance levels to watch are $66,400 and $66,500, with a clear move above the latter potentially leading to further gains towards $67,650 or even $68,200.
However, if Bitcoin fails to break above the $66,500 resistance, it could face another decline. Immediate support levels to watch are $66,000 and $65,350, followed by $65,000. Further losses may push the price towards the $63,500 support zone in the near term. Technical indicators such as the MACD and RSI are currently showing bearish signals, suggesting a potential downward movement if resistance levels are not breached.
In conclusion, Bitcoin price is currently consolidating near the $66,500 resistance zone, with potential for a fresh increase if it manages to break above this level. However, failure to do so could lead to another decline towards key support levels. Traders and investors should closely monitor the price action and technical indicators for potential trading opportunities in the volatile cryptocurrency market.
