Bitcoin price failed to settle above $65,000 against the US Dollar. BTC started a fresh decline, and it might extend losses below the $60,000 support.
- Bitcoin started a fresh decline from the $66,400 resistance zone.
- The price is now trading well below $65,000 and the 100 hourly simple moving average.
- There was a break below a major rising channel with support near $64,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses below the $61,200 and $60,500 support levels in the near term.
Bitcoin Price Starts Fresh Decline
Bitcoin price failed to gain strength above the $66,000 resistance zone. BTC topped near $66,400 and started a fresh decline. There was a major decline below the $65,000 support level and the 100 hourly simple moving average.
The price even traded below the $63,500 and $63,000 support levels. Besides, there was a break below a major rising channel with support near $64,400 on the hourly chart of the BTC/USD pair. The bears gained momentum for a move below the $62,000 support zone.A clear break above $62,400 resistance may possibly call open the doors for a steady recovery. The next major resistance sits near the $63,000 level. The main breakout resistance is now forming near the $63,750 level.
Source:The 50% Fib retracement level of the recent decline from the $66,349 swing high to $61,126 low is also near the $63,750 level to act as a key hurdle.