The Bitcoin price did not breach the resistance level of $66,500. BTC is falling again and may fall below the support zone at $64,600.

• Bitcoin started a recent decline from the resistance level of $66,500.
• The price is trading below $65,500 and Elementary’s 100-hour moving average.
• On the hourly chart, the BTC/USD pair broke below the converging bullish trend line with support at $65,250 (fed by Kraken data).
• The pair could extend losses if there is a significant move below the $64,600 and $64,200 support levels.

Bitcoin Price Gets Rejection

Bitcoin price has started a recovery wave above the $65,000 level. BTC climbed above the $65,500 and $66,200 levels. However, bears were dynamic near the $66,500 zone. The high was formed at $66,444, after which the price began another decline.

There has been a move below the support levels of $65,500 and $65,400. The price fell below the 50% Fib retracement level in an upward move from a low of $64,050 to a high of $66,444. Additionally, there was a break below the connecting bullish trend line with support at $65,250 on the hourly chart of the BTC/USD pair

The price tested the $64,600 support zone and the 76.4% Fib retracement level for an upward move from a low of $64,050 to a high of $66,444.

Bitcoin is currently trading below $65,500 and the 100-hour elementary moving average. If there is another upward move, the price may encounter resistance near the $65,250 level. The first major resistance could be $65,500. The next key resistance could be $66,000.

A clear move above the resistance at $66,000 could spark a sustained 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.

More flaws in BTC?

If Bitcoin fails to rise above the $65,250 resistance zone, it may continue to decline. Immediate downside support is located near the $64,600 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 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 – $64,600 and then $64,000.

Major resistance levels – $65,250 and $66,500.