Bitcoin price falls under pressure, can bulls hold their ground?
Bitcoin price attacked the city, but ultimately failed to break through the pressure level of $66,000, and instead turned downward to start a correction.
Key support level is at risk
Bitcoin opened a downward channel from the resistance level of $66,000. The current price of the currency has fallen below the $64,500 mark and the 100-hour moving average, indicating that it may be further under pressure to fall in the short term.
Technical analysis: Bearish signals gradually emerge
The key bullish trend line of BTC/USD on the hourly chart (data source from Kraken) was broken, and the support level was originally at $64,500. If it falls below the $62,500 support level, it may further aggravate the decline.
Bulls face a test
Bitcoin failed to continue its rise and break through the pressure levels of $65,500 and $66,000. Bearish pressure pushed the price of Bitcoin below $64,000, hitting a low of $63,225 and it is currently consolidating losses.
The price of Bitcoin is testing the 23.6% Fibonacci retracement level of the recent decline from the $66,026 high to $63,225 low. The price has not only fallen below $64,500 but also below the 100 hourly moving average. If there is a rebound, it is likely to face resistance near $64,000.
Key Resistance Levels:
The first key resistance is near the $64,650 level, which is close to the 50% Fibonacci retracement level of the recent decline from the $66,026 high to $63,225 low. A break above the $64,650 resistance level could spark another rally in the coming days. $65,500 may be the next key resistance level, and then the important level of $66,000 needs to be overcome. Breaking through the $66,000 resistance may further push up the price and challenge the $67,200 pressure.
Outlook for the future: Be cautious
If Bitcoin fails to stand above the $64,650 resistance level, it may continue to fall
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