Bitcoin price started a rebound above $65,000. BTC climbed above $65,500 and $66,200. However, bears were active near the $66,500 area. The price formed a high at $66,444 and later started a decline.
The price declined below the $65,500 and $65,400 support levels. The price declined below the 50% Fibonacci retracement level of the upward move from the $64,050 swing low to $66,444 high. Moreover, on the hourly chart of the BTC pair, the price broke below a connecting bullish trend line with support at $65,250
The price tested the $64,600 support area and the 76.4% Fibonacci retracement level of the upward move from the $64,050 swing low to $66,444 high.
Bitcoin is currently trading below $65,500 and the 100 hourly simple moving average. If it rises again, the price is likely to face resistance near $65,250. The first major resistance is likely to be $65,500. The next key resistance is likely to be $66,000.
A breakout above the $66,000 resistance is likely to start a steady rise and push the price higher. In such a case, the price is likely to rise and test the $66,500 resistance. If it rises further, Bitcoin is likely to drop towards the $67,500 resistance in the near term.
If Bitcoin fails to break out of the $65,250 resistance zone, it is likely to continue its decline. An immediate support on the downside is near $64,600.
The first major support is $64,200. The next support is currently formed near $64,000. If the price declines further, it is likely to drop to the $63,200 support area in the near term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support level – $64,600, followed by $64,000.
Major resistance levels – $65,250 and $66,500.
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