Bitcoin price started another decline from the $66,850 resistance zone. BTC is falling again and may even fall below the $65,500 support zone.
- Bitcoin failed to rise above $67,000 and began another decline.
- The price is trading below $66,800 and the 100 hourly simple moving average.
- There was a break below a rising trend line with support at $66,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue falling and even trade below the $65,500 support zone.
Bitcoin price resumes decline
Bitcoin price struggled to rise above the $67,000 resistance zone. BTC remained in a bearish zone and began a new decline from the high of $66,868. There was a move below the $66,500 level.
Additionally, there was a break below a rising trend line with support at $66,500 on the hourly chart of the BTC/USD pair. The pair traded below the 23.6% Fibonacci retracement level of the upward move from the $65,075 swing low to $66,868 high.
Bitcoin is now trading below $66,800 and the 100 hour simple moving average. It appears that the price may soon test the 50% Fibonacci retracement level of the upward move from the $65,075 swing low to $66,868 high.
On the upside, the price is facing resistance near the $66,500 level and the 100 hourly simple moving average. The first major resistance could be at $66,850. The next key resistance could be at $67,000. A clear move above the $67,000 resistance could initiate a decent rise and push the price higher.
![Bitcoin Price Drop Continues: Lower Targets in Sight 1 Bitcoin Price](https://thegurumedia.com/wp-content/uploads/2024/06/Bitcoin_1b597a.png)
In this case, the price could rise and test the $66,000 resistance. Any further gains could send BTC towards the $68,500 resistance in the near term.
More losses in BTC?
If Bitcoin fails to rise above the $66,500 resistance zone, it could continue falling. Immediate downside support is near the $66,000 level.
The first major support is at $65,750. The next support is now forming near $65,500. Further losses could send the price towards the $65,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $66,500, followed by $65,000.
Main resistance levels – $66,500 and $67,000.