Bitcoin price has been struggling to break above the $68,500 resistance zone, leading to a correction in its bullish trend. The cryptocurrency is currently trading below $66,500 and the 100 hourly Simple Moving Average, indicating a potential decline towards the $65,500 support zone.
There was a significant break below a key bullish trend line with support at $67,200 on the hourly chart of the BTC/USD pair from Kraken. This breakout has further increased the possibility of the pair extending its losses and dropping below the $65,500 support zone.
Bitcoin price failed to maintain its position above the $66,500 and $67,000 resistance levels, resulting in a further decline below the $66,000 support level. The cryptocurrency entered a short-term bearish zone, with a low point being formed at $65,458 before consolidating losses.
If there is a fresh increase in Bitcoin price, it could face resistance near the $66,150 level, with the first key resistance at $66,800. A clear move above this level might trigger another increase towards $67,100 and ultimately the major hurdle at $67,200. A close above the $67,200 resistance zone could push the price higher towards the $68,000 resistance.
On the downside, immediate support lies near the $65,500 level, followed by the first major support at $65,080 and the next support at $64,200. Further losses could potentially send the price towards the $63,500 support zone in the near term, indicating a bearish outlook for Bitcoin.
Hourly MACD is currently gaining momentum in the bearish zone, signaling a potential downward movement in Bitcoin price. Hourly RSI for BTC/USD is below the 50 level, further supporting the bearish sentiment in the market.
Bitcoin price is facing significant challenges in breaking above key resistance levels and is currently in a correction phase. Traders should closely monitor the support and resistance levels mentioned to gauge the potential direction of Bitcoin in the short term.
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