Bitcoin price extended its losses and traded below the $64,500 level. BTC is correcting losses, but the bears are still in control and aim for more losses.
- Bitcoin remained in a bearish zone and traded below $64,500.
- The price is trading below $65,500 and the 100 hourly Simple moving average.
- There is a connecting trend line forming with resistance at $65,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair remains at risk of more downsides below the $64,000 support zone.
Bitcoin Price Dips Further
Bitcoin price remained in a bearish zone after it settled below the $66,500 resistance zone. BTC extended losses and traded below the $65,000 level. There was also a dip below $64,500.
A low was formed at $64,050 and the price is now correcting losses. There was a minor recovery above the $64,500 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the $67,255 swing high to the $64,050 low.Bitcoin is now trading below $65,500 and the 100 hourly Simple moving average. There is also a connecting trend line forming with resistance at $65,400 on the hourly chart of the BTC/USD pair.
On the upside, the price is facing resistance near the $65,500 level and the trend line. The first major resistance could be $65,650 or the 50% Fib retracement level of the downward wave from the $67,255 swing high to the $64,050 low. The next key resistance could be $66,000.
