Bitcoin Price Dips Again: BTC Bears Tighten Grip

Bitcoin price failed to climb above the $66,500 resistance. BTC is again moving lower and might decline below the $64,600 support zone.

• Bitcoin started a fresh decline from the $66,500 resistance level.
• The price is trading below $65,500 and the 100 hourly Simple moving average.
• There was a break below a connecting bullish trend line with support at $65,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could extend losses if there is a clear move below the $64,600 and $64,200 support levels.

Bitcoin Price Faces Rejection

Bitcoin price started a recovery wave above the $65,000 level. BTC climbed above the $65,500 and $66,200 levels. However, the bears were active near the $66,500 zone. A high was formed at $66,444 and the price started another decline.

There was a move below the $65,500 and $65,400 support levels. The price dipped below the 50% Fib retracement level of the upward move from the $64,050 swing low to the $66,444 high. Besides, there was a break below a connecting bullish trend line with support at $65,250 on the hourly chart of the BTC/USD pair

The price tested the $64,600 support zone and the 76.4% Fib retracement level of the upward move from the $64,050 swing low to the $66,444 high.

Bitcoin is now trading below $65,500 and the 100 hourly Simple moving average. If there is another upward move, the price might face resistance near the $65,250 level. The first major resistance could be $65,500. The next key resistance could be $66,000.

A clear move above the $66,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $66,500 resistance. Any more gains might send BTC toward the $67,500 resistance in the near term.

More Downsides In BTC?

If Bitcoin fails to climb above the $65,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,600 level.

The first major support is $64,200. The next support is now forming near $64,000. Any more losses might send the price toward the $63,200 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 – $64,600, followed by $64,000.

Major Resistance Levels – $65,250, and $66,500.