Bitcoin’s price has commenced a fresh descent, dipping below the $66,500 threshold, and currently shows an increased bearish momentum, suggesting a potential revisit to the $63,200 support level. The decline began from the resistance zone at $68,500. The cryptocurrency’s value is now trading under $65,500 and has also fallen below the 100-hourly Simple Moving Average.
A significant development occurred with a break below a crucial bullish trend line, which had provided support at $66,000 on the hourly BTC/USD chart. This breach has led the pair to accelerate its descent further, now trading below the $65,000 mark.
Bitcoin’s price has dropped beneath the 76.4% Fibonacci retracement level, which was calculated from the upward movement that ranged from a swing low of $63,225 to a high of $68,313. Should a recovery wave initiate, the price is likely to encounter resistance around the $65,200 level.
The initial critical resistance stands near $65,500. A notable surge above this resistance could prompt a renewed upward movement. The next significant resistance levels are projected at $66,200 and subsequently at $66,800, coinciding with the 100-hourly Simple Moving Average. A decisive close above $66,800 might propel the price further, potentially testing the $68,000 resistance.
Conversely, if Bitcoin fails to rise above the $65,500 resistance zone, its downward trajectory may persist. Immediate downside support lies around the $64,000 mark. The primary support is identified at $63,200, followed by further support at approximately $62,500. Should losses deepen, the price could ultimately approach the $61,500 support level in the near term.
Technical indicators are showing bearish signals. The Hourly MACD is gaining strength within the bearish zone, and the RSI for BTC/USD has dipped below the 50 level, reinforcing the bearish sentiment. Major support levels to watch are $64,000 and $63,200, while major resistance levels remain at $65,500 and $66,800.
