Bitcoin Price Trims Gains Amid War Escalation, Can Bulls Save The Day?

Bitcoin price failed to clear the $67,000 resistance. BTC trimmed gains and is now struggling to stay above the $63,650 support zone.

• Bitcoin started another decline after it failed to surpass the $67,200 resistance zone.
• The price is trading below $65,000 and the 100 hourly Simple moving average.
• There was a break below a key bullish trend line with support at $66,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could correct higher, but the bears might remain active near the $65,500 zone.

Bitcoin price struggled to clear the $67,000 and $67,200 resistance levels. BTC formed a short-term topping pattern and started a fresh decline below the $66,000 level.

There was a move below the $65,500 support. Besides, there was a break below a key bullish trend line with support at $66,200 on the hourly chart of the BTC/USD pair. The pair even spiked below $63,650. A low was formed at $63,583 and the price is now consolidating losses.

Bitcoin price is now trading below $65,500 and the 100 hourly Simple moving average. Immediate resistance is near the $64,500 level or the 23.6% Fib retracement level of the downward move from the $67,195 swing high to the $63,583 low.

The first major resistance could be $65,350 or the 50% Fib retracement level of the downward move from the $67,195 swing high to the $63,583 low. A clear move above the $65,350 resistance might send the price higher. The next resistance now sits at $65,850. If there is a clear move above the $65,850 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,000.

Source: BTCUSD on TradingView.com

The next major resistance is near the $67,200 zone. Any more gains might send Bitcoin toward the $68,800 resistance zone in the near term.

If Bitcoin fails to rise above the $65,350 resistance zone, it could continue to move down. Immediate support on the downside is near the $63,500 level.

The first major support is $62,600. If there is a close below $62,600, the price could start to drop toward $61,200. Any more losses might send the price toward the $60,000 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.

Major Support Levels – $63,500, followed by $62,600.

Major Resistance Levels – $65,350, $65,850, and $67,000.