Bitcoin price has recently experienced a downturn, with a test of the $65,500 support zone. However, the cryptocurrency is now showing signs of consolidation and a potential recovery wave. Despite trading below $68,000 and the 100 hourly Simple Moving Average, there is a possibility of a fresh increase if the price manages to clear the $66,500 resistance zone.
Bitcoin’s price extended losses below the $66,500 support zone, even dipping below $66,000 and $65,500 levels. While a low was formed near $65,337, the price is now consolidating losses. It has made attempts to recover above the $66,000 level, testing the 23.6% Fib retracement level. However, the main challenge lies in clearing the $66,500 resistance zone, with a bearish trend line forming at $66,400 on the hourly chart of the BTC/USD pair.
Looking ahead, the price could face resistance near $66,400, with the first key resistance at $66,500. A clear move above this level might pave the way for further upward movement, aiming for resistance levels at $67,650 and $68,200. However, failure to break above the $66,500 resistance could result in another decline. Immediate support is found near $66,000, with major support levels at $65,350 and $65,000. Further losses may lead the price towards the $63,500 support zone in the near term.
The Hourly MACD is currently losing pace in the bearish zone, indicating potential downward pressure. Additionally, the Hourly RSI for BTC/USD is below the 50 level, suggesting a bearish sentiment in the market. Major support levels are identified at $66,000 followed by $65,350, while major resistance levels are at $66,500 and $67,650.
Bitcoin’s price is currently at a critical juncture, with the potential for both an upside breakout and a downside reversal. Traders and investors should closely monitor key levels and technical indicators to assess the future direction of the cryptocurrency.
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