Bitcoin price struggled to break the $66,500 resistance area. BTC remains in a bearish zone and started a fresh decline from the $67,256 high. It declined below the $66,500 level.
The price clearly declined below the $65,500 and $65,000 support levels. Finally, the price tested the $64,600 level. A low was formed at $64,611 and the price is currently consolidating the decline. The price is slightly above the $65,000 level. The price climbed above the 23.6% Fibonacci retracement level of the down move from the $67,256 high to $64,611 low.
Bitcoin is currently trading below $66,000 and the 100 hourly simple moving average. There is also a connecting trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair.
On the upside, the price faces resistance near $66,000 which is the 50% Fibonacci retracement level of the downward move from the $67,256 high to $64,611 low. The first major resistance could be $66,250. The next key resistance could be $66,500.
A clear break above the $66,500 resistance could start a sharp increase and push the price higher. In such a case, the price could rise and test the $67,500 resistance. A further rise could push BTC towards the $68,500 resistance in the near term.
If Bitcoin fails to break out of the $66,000 resistance zone, it could resume its decline. An immediate support on the downside is near $65,000.
The first major support is $64,600. The next support is currently formed near $64,500. If the price falls further, it may fall to the support area of $63,200 in the short term.
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