Bitcoin price extended its losses and traded below the $65,000 level. BTC is showing bearish signs and might extend losses below the $64,600 level.
- Bitcoin remained in a bearish zone and traded below $65,000.
- The price is trading below $66,000 and the 100 hourly Simple moving average.
- There is a connecting trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down and even trade below the $64,500 support zone.
Bitcoin Price Extends Its Decline
Bitcoin price struggled to recover above the $66,500 resistance zone. BTC remained in a bearish zone and started a fresh decline from the $67,256 high. There was a move below the $66,500 level.
There was a clear move below the $65,500 and $65,000 support levels. Finally, the price tested $64,600. A low was formed at $64,611 and the price is now consolidating losses. There was a minor increase above the $65,000 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $67,256 swing high to the $64,611 low.Bitcoin is now trading below $66,000 and the 100 hourly Simple moving average. There is also a connecting trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair.
On the upside, the price is facing resistance near the $66,000 level or the 50% Fib retracement level of the downward move from the $67,256 swing high to the $64,611 low. The first major resistance could be $66,250. The next key resistance could be $66,500.
