Bitcoin Price Consolidates Losses But Recovery Could Face Hurdles

Bitcoin price extended its decline below the $65,000 support zone. BTC is now consolidating losses and might attempt a recovery wave toward $67,000.

• Bitcoin price declined further below the $65,500 and $65,000 levels.
• The price is trading below $67,500 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance near $67,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could recover but the bears might remain active near $67,000.

Bitcoin Price Drops Further

Bitcoin price turned red after it broke the $68,000 support zone. BTC extended its decline below the $65,500 and $65,000 levels. Finally, it tested the $64,500 region.

A low was formed near $64,572 and the price is now consolidating losses. There was a move above the $65,000 level. The price even tested the 23.6% Fib retracement level of the downward move from the $71,306 swing high to the $64,572 low.

Bitcoin is now trading below $67,000 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $67,200 on the hourly chart of the BTC/USD.

Immediate resistance is near the $66,000 level. The first major resistance could be $67,200 and the trend line. If there is a clear move above the $67,200 resistance zone, the price could start a fresh increase. In the stated case, the price could rise toward the 50% Fib retracement level of the downward move from the $71,306 swing high to the $64,572 low at $67,950.

Source: BTCUSD on TradingView.com

The next major resistance is near the $68,500 zone. Any more gains might send Bitcoin toward the $70,000 resistance zone in the near term.

More Losses In BTC?

If Bitcoin fails to rise above the $67,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $65,200 level.

The first major support is $64,500. The next support sits at $64,000. If there is a close below $64,000, the price could start a drop toward the $62,500 level. Any more losses might send the price toward the $60,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

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

Major Support Levels – $65,200, followed by $64,500.

Major Resistance Levels – $66,000, $67,200, and $67,950.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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• Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-65k/