Bitcoin Price Sinks to New Weekly Low, Bulls Lose Key Support

Bitcoin price failed to stay above $66,000 and dipped further. BTC is now consolidating losses and might struggle to recover above $66,000.

• Bitcoin started a fresh decline and traded below the $66,000 support.
• The price is trading below $65,500 and the 100 hourly simple moving average.
• There is a bearish trend line forming with resistance at $66,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might dip again if it trades below the $63,500 and $63,200 levels.

Bitcoin Price Breaks Key Support

Bitcoin price failed to remain stable above the $66,500 zone. BTC started a fresh decline and traded below the $66,000 support zone. There was a push below $65,000.

The price even spiked below $64,000. A low was formed at $63,351, and the price is now correcting some losses. There was a move above $64,000, but the price is still well below the 23.6% Fib retracement level of the recent decline from the $68,652 swing high to the $63,351 low.

Bitcoin is now trading below $66,000 and the 100 hourly simple moving average. If the price remains stable above $64,000, it could attempt a fresh increase. Immediate resistance is near the $64,600 level.

The first key resistance is near the $65,250 level. A close above the $65,250 resistance might send the price further higher. In the stated case, the price could rise and test the $66,000 resistance or the 50% Fib retracement level of the recent decline from the $68,652 swing high to the $63,351 low.

Any more gains might send the price toward the $66,800 level. There is also a bearish trend line forming with resistance at $66,800 on the hourly chart of the BTC/USD pair. The next barrier for the bulls could be $67,500 and $67,700.

Another Decline In BTC?

If Bitcoin fails to rise above the $65,250 resistance zone, it could start another decline. Immediate support is near the $64,000 level. The first major support is near the $63,500 level.

The next support is now near the $63,200 zone. Any more losses might send the price toward the $62,650 support in the near term. The main support now sits at $62,000, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $64,000, followed by $63,500.

Major Resistance Levels – $65,000 and $66,000.