Bitcoin price extended its losses and traded below the $64,500 level. BTC is recovering, but the bears are still in control and are targeting further losses.

• Bitcoin remained in a bear zone and was trading below $64,500.
• The price is trading below $65,500 and Plain’s 100-hour moving average.
• A connecting trend line is forming on the hourly chart of the BTC/USD pair with resistance at $65,400 (feeding data from Kraken).
• The pair remains at risk of further declines below the $64,000 support zone.

Bitcoin prices continue to fall

Bitcoin price remained in a bearish zone after settling below the resistance zone at $66,500. BTC deepened its losses and was traded below the $65,000 level. There was also a drop below $64,500.

The lowest level was at $64,050 and the price is currently correcting losses. There was a slight rebound above the $64,500 level. The price rose above the 23.6% Fib retracement level of the bearish wave from a high of $67,255 to a low of $64,050.

Bitcoin is currently trading below $65,500 and the 100-hour elementary moving average. A connecting trend line is also forming on the hourly chart of the BTC/USD pair with resistance at $65,400.

On the other hand, the price is facing resistance near the $65,500 level and the trend line. The first major resistance could be $65,650 or the 50% Fib retracement level of the downward wave from the high of $67,255 to the low of $64,050. The next key resistance could be $66,000.

A clear move above the $66,000 resistance could spark a decent rally and push the price higher. In this case, the price could move higher and test the resistance at $66,500. Any further gains could push BTC towards the resistance at $67,500 in the near future.

Greater BTC losses?

If Bitcoin fails to rise above the $65,400 resistance zone, it could begin another decline. Immediate downside support is located near the $64,800 level.

The first major contribution is $64,200. The next support level is currently near $64,000. Any further losses could push the price towards the $63,200 support zone in the near future.

Technical Indicators:

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

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

Main support levels – $64,500 and then $64,000.

Major resistance levels – $65,400 and $66,000.