Bitcoin

Resistance

Bitcoin price failed to climb above the $66,500 resistance. BTC is again moving lower and might decline below the $64,600 support zone. 
<ul> 
 <li>Bitcoin started a fresh decline from the $66,500 resistance level.</li> 
 <li>The price is trading below $65,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a connecting bullish trend line with support at $65,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could extend losses if there is a clear move below the $64,600 and $64,200 support levels.</li> 
</ul> 
<h2 id="bitcoin-price-faces-rejection">Bitcoin Price Faces Rejection</h2> 
Bitcoin price started a recovery wave above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recover-65k/" target="_blank" rel="noopener ">$65,000 level</a>. BTC climbed above the $65,500 and $66,200 levels. However, the bears were active near the $66,500 zone. A high was formed at $66,444 and the price started another decline. 
There was a move below the $65,500 and $65,400 support levels. The price dipped below the 50% Fib retracement level of the upward move from the $64,050 swing low to the $66,444 high. Besides, there was a break below a 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 of the upward move from the $64,050 swing low to the $66,444 high. 
Bitcoin is now trading below $65,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-risk-66k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. If there is another upward move, the price might face resistance near the $65,250 level. The first major resistance could be $65,500. The next key resistance could be $66,000. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a8f725.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-625746 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a8f725.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a8f725.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a8f725.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a8f725.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a8f725.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a8f725.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a8f725.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_a8f725.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $66,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $66,500 resistance. Any more gains might send BTC toward the $67,500 resistance in the near term. 
<h2 id="more-downsides-in-btc">More Downsides In BTC?</h2> 
If Bitcoin fails to climb above the $65,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,600 level. 
The first major support is $64,200. The next support is now forming near $64,000. 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 – $64,600, followed by $64,000. 
Major Resistance Levels – $65,250, and $66,500.

Bitcoin Price Dips Again: BTC Bears Tighten Grip

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