Bitcoin Price Dips Toward Decisive Support As Bears Regain Control

Bitcoin price corrected gains and tested the $66,500 support. BTC is now struggling and might decline further below the $65,000 zone.

• Bitcoin is struggling to recover losses and moving lower below $67,500.
• The price is trading below $67,500 and the 100 hourly simple moving average.
• There is a declining channel forming with resistance at $68,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might dip again if it trades below the $66,500 and $66,000 levels.

Bitcoin price failed to remain stable above the $68,500 zone. BTC started a fresh decline and traded below the $67,800 support zone. There was a push below $67,200.

The price dipped below the 61.8% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high. However, the bulls remained active near the $66,500 zone. Besides, there is a declining channel forming with resistance at $68,850 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $67,500 and the 100 hourly simple moving average. If the price remains stable above $66,500, it could attempt a fresh increase. Immediate resistance is near the $68,000 level.

The first key resistance is near the $68,850 level. A close above the $68,850 resistance might send the price further higher. In the stated case, the price could rise and test the $69,200 resistance. Any more gains might send the price toward the $70,000 level. The next barrier for the bulls could be $7`,200 and $72,000.

If Bitcoin fails to rise above the $68,850 resistance zone, it could start another decline. Immediate support is near the $66,500 level or the 76.4% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high. The first major support is near the $66,000 level.

The next support is now near the $65,000 zone. Any more losses might send the price toward the $64,200 support in the near term. The main support now sits at $63,500, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $66,500, followed by $66,000.

Major Resistance Levels – $68,000 and $68,850.