Bitcoin price corrected up from the $66,000 resistance level. BTC fell below $64,000 and may extend losses in the miniature term.

• Bitcoin started a recent downward correction from the $66,000 resistance zone.
• The price is trading below $64,500 and the 100-hour elementary moving average.
• On the hourly chart of the BTC/USD pair (data from Kraken), there was a breakout of the key uptrend line with support at USD 64,500.
• The pair may gain downside momentum if it falls below the support zone at USD 62,500.

Bitcoin Price Falls Again. Can Bulls Defend Themselves Against Further Losses?

Bitcoin price failed to extend gains above the $65,500 and $66,000 resistance levels. BTC started a downward correction and traded below the $65,000 level.

On the hourly chart of the BTC/USD pair, there was a breakout of a key bullish trendline with support at $64,500. Bears pushed the price below $64,000. A low was formed at $63,225, and the price is consolidating losses.

It is testing the 23.6% Fibonacci retracement level of the recent decline from $66,026 swing high to $63,225 low. Bitcoin price is currently trading below $64,500 and the 100 hour elementary moving average. If a recent rally occurs, the price could face resistance near the $64,000 level.

The first key resistance is near the $64,650 level. This is near the 50% Fibonacci retracement level of the recent decline from the $66,026 high to the $63,225 low. A clear move above the $64,650 resistance could trigger another rally in the coming sessions.

The next key resistance could be $65,500. The next major obstacle is $66,000. A close above the $66,000 resistance could trigger further price growth. In the given case, the price could rise and test the $67,200 resistance.

More BTC Cons?

If Bitcoin fails to break above the $64,650 resistance zone, it could continue to fall. Immediate support on the downside is near the $63,250 level.

The first major support is at $63,000. The next support is now near $62,500. Any further losses could take the price towards the $60,500 support zone in the near future.

Technical indicators:

Hourly MACD – MACD is now gaining momentum in the bearish zone.

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

Major support levels – $63,225 and then $63,000.

Major resistance levels – USD 64,650 and USD 65,500.