- Bitcoin remained in a bearish zone and traded below $64,500.
- The price is trading below $65,500 and the 100 hourly simple moving average.
- There is a connecting trendline forming with resistance at $65,400 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair remains exposed to further downside risk below the $64,000 support zone.
Bitcoin price falls further
Bitcoin price remained in a bearish zone after stabilizing below the $66,500 resistance zone. BTC extended its losses and traded below the $65,000 level. There was also a decline below $64,500.
A low formed at $64,050 and the price is now correcting losses. There was a slight recovery above the $64,500 level. The price climbed above the 23.6% Fibonacci retracement level of the descending wave from the $67,255 high to $64,050 low.
Bitcoin is now trading below $65,500 and the 100 hourly simple moving average. There is also a connecting trendline forming with resistance at $65,400 on the hourly chart of the BTC/USD pair.
On the upside, the price faces resistance near the $65,500 level and the trendline. The first major resistance could be $65,650 or the 50% Fibonacci retracement level of the bearish wave from the $67,255 high to $64,050 low. The next key resistance could be $66,000.
A sharp move above the $66,000 resistance could trigger a decent increase and send the price higher. In the indicated case, the price could rise and test the resistance of $66,500. Any further gains could send BTC towards the $67,500 resistance in the near term.
More losses in BTC?
If Bitcoin fails to move above the $65,400 resistance zone, it could begin a further decline. Immediate downside support is near the $64,800 level.
The first major support is $64,200. The next support now lies near $64,000. Any further losses could send the price towards the $63,200 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major support levels – $64,500, followed by $64,000.
Major resistance levels – $65,400 and $66,000.
