Bitcoin price has once again taken a hit, dropping below the $66,500 level and showing signs of bearish momentum. The cryptocurrency is now trading below key support levels, indicating a potential further decline in the near term.
There was a clear break below a key bullish trend line, with support at $66,000 on the hourly chart of the BTC/USD pair. This break has paved the way for a potential extension of losses towards the $63,200 support zone. The hourly MACD is gaining pace in the bearish zone, while the hourly RSI for BTC/USD is now below the 50 level.
Bitcoin price failed to hold gains above the $66,500 support level, leading to another decline below the $66,000 support zone. In case of a recovery wave, the price could face resistance near the $65,200 level, with the first key resistance at $65,500. A move above this level could spark another increase. The next major hurdles sit at $66,200 and $66,800, with the 100 hourly Simple moving average playing a key role.
Should Bitcoin fail to recover above the $65,500 resistance zone, there is a possibility of further downside movement. Immediate support on the downside is seen near the $64,000 level, followed by the first major support at $63,200. The next support level is now near $62,500, with potential for more losses towards the $61,500 support zone in the near term.
The recent decline in Bitcoin price has raised concerns about the cryptocurrency’s short-term future. With key support levels being breached and resistance levels being tested, traders and investors will need to closely monitor the market to assess the potential for further price movements. Technical indicators suggest a bearish outlook, but with volatile nature of cryptocurrencies, unexpected price swings cannot be ruled out.