$BTC Price Eyes Fresh Gains: Can BTC Climb Again? - NewsBTC Analytics

Bitcoin price extended losses below the $66,500 support zone. BTC even spiked below the $66,000 and $65,500 levels. A low is formed near $65,337 and the price is now consolidating losses.

It recovered above the $66,000 level and tested the 23.6% Fib retracement level of the downward move from the $69,985 swing high to the $65,337 low. However, the price is now struggling to clear the $66,500 resistance zone. There is also a connecting bearish trend line forming with resistance at $66,400 on the hourly chart of the BTC/USD pair.

Bitcoin price is trading below $68,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $66,400 level. The first key resistance is near the $66,500 level.

A clear move above the $66,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $67,650 or the 50% Fib retracement level of the downward move from the $69,985 swing high to the $65,337 low.

The next major hurdle sits at $68,200. A close above the $68,200 resistance might spark bullish moves. In the stated case, the price could rise and test the $70,000 resistance.

If Bitcoin fails to recover above the $66,500 resistance zone, it could start another decline. Immediate support on the downside is near the $66,000 level.

The first major support is $65,350. The next support is now near $65,000. Any more losses might send the price toward the $63,500 support zone in the near term.