Bitcoin price extended its decline below $65,000. BTC even tested the $64,000 area. A low was formed at $64,050 and the price is currently correcting the losses.

There was a minor rebound above $64,500. The price climbed above the 23.6% Fibonacci retracement level of the recent decline from the $67,255 high to $64,050 low. However, the bears remain active near the $65,500 area.

Bitcoin is currently trading below $65,500 and the 100 hourly simple moving average. There is also a short-term contracting triangle formed with resistance at $65,400 on the hourly chart of the BTC pair.

On the upside, the price is facing resistance near the $65,400 level and the triangle trendline. The first major resistance could be at $65,650, which is the 50% Fibonacci retracement level of the recent decline from the $67,255 high to $64,050 low. The next key resistance could be at $66,000.

A break above the $66,000 resistance could start a steady rise and push the price higher. In such a case, the price could rise and test the $66,550 resistance level. If it rises further, Bitcoin could drop towards the $67,500 resistance level in the near term.

If Bitcoin fails to break out of the $65,650 resistance zone, it could decline again. An immediate support on the downside is near $64,850.

The first major support is at $64,400. The next support is currently formed near $64,000. If the price declines further, it could drop to the $63,200 support area in the near term.

Technical indicators:

Hourly MACD – The MACD is currently losing speed in the bearish zone.

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

Major support level – $64,400, followed by $64,000.

Major resistance levels – $65,400 and $65,650.

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