Bitcoin price struggled below the $68,500 resistance zone. BTC is correcting gains and might decline further below the $65,500 support zone.

Bitcoin started a correction wave from the $68,500 resistance zone.

The price is trading below $66,500 and the 100 hourly Simple moving average.

There was a break below a key bullish trend line with support at $67,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair might extend losses and trade below the $65,500 support zone.

Bitcoin Price Holds Gains Above $67K

Bitcoin price failed to stay above the $66,500 and $67,000 resistance levels. BTC extended its decline and traded below the $66,000 support level to move into a short-term bearish zone.

There was a break below a key bullish trend line with support at $67,200 on the hourly chart of the BTC/USD pair. The pair even spiked below the $65,500 level. A low is formed at $65,458 and the price is now consolidating losses. It is trading below the 23.6% Fib retracement level of the recent decline from the $68,240 swing high to the $65,458 low.

Bitcoin price is now trading below $66,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $66,150 level.

The first key resistance is near the $66,800 level and the 50% Fib retracement level of the recent decline from the $68,240 swing high to the $65,458 low. A clear move above the $66,800 resistance might spark another increase in the coming sessions

Major Support Levels – $65,500, followed by $65,000.

Major Resistance Levels – $67,200, and $68,000.

$BTC

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