Bitcoin’s price failed to stay above $68,000 and plummeted. BTC is currently consolidating losses and may have difficulty recovering from losses above $66,000.

• Bitcoin started a fresh decline and was trading below the support at $66,500.
• The price is trading below $66,500 and the 100-hour straightforward moving average.
• On the hourly chart of the BTC/USD pair, there was a break below the bullish trend line with support at $68,000 (powered by data from Kraken).
• The pair could fall again if it falls below the $64,500 and $64,200 levels.

Bitcoin price drops by over 5%

Bitcoin price failed to stay above the $67,200 zone. BTC started a fresh decline and was trading below the support zone at $66,500. There was a drop below $66,000.

The price even rose below $65,000. There was also a break below the bullish trend line with support at $68,000 on the hourly chart of the BTC/USD pair. The lowest level was $64,203 and the price is currently correcting some losses. There has been a move above $64,500, but the price is still well below the 23.6% Fib retracement level that follows the recent decline from a high of $68,653 to a low of $64,203.

Bitcoin is currently trading below $66,500 and the 100-hour straightforward moving average. If the price remains stable above $64,200, it could attempt to rise again. Immediate resistance is near the $65,250 level.

The first key resistance is located near the $66,400 level or the 50% Fib retracement level during the recent decline from a high of $68,653 to a low of $64,203. A close above the resistance at $66,400 could see the price rise further. In the given case, the price may rise and test the resistance at $67,000. Any further gains could push the price towards the $67,600 level. The next barrier for bulls could be $68,000 and $68,500.

Another BTC drop?

If Bitcoin does not rise above the $66,000 resistance zone, it could begin another decline. Immediate support is near the $64,400 level. The first major support is near the $64,200 level.

The next support is now near the $63,500 zone. Any further losses could push the price towards the $62,850 support in the near future. Major support currently stands at $62,000, below which BTC may have difficulty recovering in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently gaining momentum in a bearish zone.

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

Major support levels – $64,500 and then $64,200.

Major resistance levels – $66,000 and $66,500.