Bitcoin Price Teeters on Edge, Will Support Finally Snap?

Bitcoin price started a fresh decline from the $69,250 zone. BTC is now struggling to stay above $66,000 and might extend losses in the near term.

• Bitcoin failed to settle above $68,000 and started a fresh decline.
• The price is trading below $67,000 and the 100 hourly simple moving average.
• There is a bearish trend line forming with resistance at $67,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might start another decline if it stays below the $67,500 and $67,800 levels.

Bitcoin price failed to stay above the $68,800 zone and started a fresh decline. BTC traded below $68,200 and $68,000 to enter a bearish zone.

The bears even pushed the price below $67,000. A low was formed at $65,688, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $69,250 swing high to the $65,688 low.

Bitcoin is now trading below $67,000 and the 100 hourly simple moving average. If the price remains stable above $65,500, it could attempt a fresh increase. Immediate resistance is near the $67,000 level.

The first key resistance is near the $67,500 level or the 50% Fib retracement level of the downward move from the $69,250 swing high to the $65,688 low. There is also a bearish trend line forming with resistance at $67,450 on the hourly chart of the BTC/USD pair.

A close above the $67,500 resistance might send the price further higher. In the stated case, the price could rise and test the $68,000 resistance. Any more gains might send the price toward the $68,500 level. The next barrier for the bulls could be $68,800.

If Bitcoin fails to rise above the $67,500 resistance zone, it could start another decline. Immediate support is near the $66,000 level. The first major support is near the $65,500 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 bearish zone.

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

Major Support Levels – $66,000, followed by $65,500.

Major Resistance Levels – $67,500 and $68,000.