Bitcoin price extended losses below the $67,500 support zone. BTC has tested the $66,000 support zone and is now attempting a recovery wave.
- Bitcoin began another decline below the $68,500 support zone.
- The price is trading below $68,000 and the 100 hourly simple moving average.
- There is a bearish trendline forming with resistance at $68,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may recover, but upside may be limited above the $68,500 level.
Bitcoin price drops
Bitcoin price failed to initiate another rise above the $68,500 resistance zone. BTC reacted to the downside and traded below the $68,000 level. There was a drop below the $67,500 and $67,000 levels.
The price tested the $66,000 zone. A low was formed at $66,059 and the price is now consolidating losses above the 23.6% Fibonacci retracement level of the downward move from the $70,143 swing high to $66,059 low. Bitcoin is now trading below $68,500 and the 100 hour simple moving average.
On the upside, the price is facing resistance near the $67,600 level. The first major resistance could be $68,000 and the 50% Fibonacci retracement level of the downward move from the $70,143 swing high to $66,059 low.
The next key resistance could be at $68,500. There is also a bearish trend line forming with resistance at $68,650 on the hourly chart of the BTC/USD pair. The trend line is also close to the 100 hourly simple moving average.
![Bitcoin in decline: price turns red as market looks at Fed decision 1 Bitcoin Price](https://thegurumedia.com/wp-content/uploads/2024/06/Bitcoin_08b7fb.png)
A clear move above the $68,500 resistance could push the price higher. In this case, the price could rise and test the $69,000 resistance. Any further gains could send BTC towards the $70,200 resistance in the near term.
More losses in BTC?
If Bitcoin fails to rise above the $68,500 resistance zone, it could begin another decline. Immediate downside support is near the $66,700 level.
The first major support is at $66,200. The next support is now forming near $66,000. Further losses could send the price towards the $65,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $66,700, followed by $66,000.
Main resistance levels – $68,000 and $68,500.