Bitcoin

Resistance

Bitcoin price extended its losses and traded below the $65,000 level. BTC is showing bearish signs and might extend losses below the $64,600 level. 
<ul> 
 <li>Bitcoin remained in a bearish zone and traded below $65,000.</li> 
 <li>The price is trading below $66,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move down and even trade below the $64,500 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-extends-its-decline">Bitcoin Price Extends Its Decline</h2> 
Bitcoin price struggled to recover above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-decline-65k/" target="_blank" rel="noopener ">$66,500 resistance zone</a>. BTC remained in a bearish zone and started a fresh decline from the $67,256 high. There was a move below the $66,500 level. 
There was a clear move below the $65,500 and $65,000 support levels. Finally, the price tested $64,600. A low was formed at $64,611 and the price is now consolidating losses. There was a minor increase above the $65,000 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $67,256 swing high to the $64,611 low. 
Bitcoin is now trading below $66,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-bears-66k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a connecting trend line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair. 
On the upside, the price is facing resistance near the $66,000 level or the 50% Fib retracement level of the downward move from the $67,256 swing high to the $64,611 low. The first major resistance could be $66,250. The next key resistance could be $66,500. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_959ac8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-625129 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_959ac8.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_959ac8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_959ac8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_959ac8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_959ac8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_959ac8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_959ac8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_959ac8.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $66,500 resistance might start a decent increase and send the price higher. In the stated case, the price could rise and test the $67,500 resistance. Any more gains might send BTC toward the $68,500 resistance in the near term. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $66,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $65,000 level. 
The first major support is $64,600. The next support is now forming near $64,500. Any more losses might send the price toward the $63,200 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $65,000, followed by $64,500. 
Major Resistance Levels – $66,000, and $66,500.

Bitcoin Price Slide: Extends Losses Amid Increased Selling Pressure

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