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.