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 pairBitcoin 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.