Bitcoin

Resistance

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Bitcoin (BTC) <a href="https://coinstats.app/coins/bitcoin/">price</a> started another decline from the $70,000 resistance zone to $66k as bears gained strength. BTC is down over 5% and there was a move below the $67,000 support. 
<h3 id="span-style-font-weight-400-bitcoin-price-turns-red-span">Bitcoin Price Turns Red</h3> 
Bitcoin price struggled to settle above the $70,000 resistance zone. BTC reacted to the downside after it broke the $69,200 support zone.&nbsp; 
There was a sharp move below the $68,500 level. 
The price even declined below the $67,000 level. Finally, it tested the $66,000 with a bearish angle.&nbsp; 
A low was formed near $65,992 and the price is now attempting a recovery wave. There was a move above the $66,800 level. 
The price moved above the 23.6% Fib retracement level of the downward move from the $69,884 swing high to the $65,992 low.&nbsp; 
However, Bitcoin is now trading below $68,500 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $68,400 on the hourly chart of the BTC/USD. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/bitcoin-btc-becomes-more-volatile-than-ether-as-halving-approaches/" aria-label="“Bitcoin (BTC) Becomes More Volatile Than Ether As Halving Approaches” (Edit)">Bitcoin (BTC) Becomes More Volatile Than Ether As Halving Approaches</a> 
Immediate resistance is near the $68,000 level. It is close to the 50% Fib retracement level of the downward move from the $69,884 swing high to the $65,992 low.&nbsp; 
The first major resistance could be $68,500 and the trend line. If there is a clear move above the $68,500 resistance zone, the price could start a fresh increase. 
In the stated case, the price could rise toward the $70,000 resistance zone in the near term. The next major resistance is near the $71,500 zone. 
<h3 id="span-style-font-weight-400-more-losses-in-btc-span">More Losses In BTC?</h3> 
If Bitcoin fails to rise above the $67,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $66,000 level. 
<figure id="attachment_69435" aria-describedby="caption-attachment-69435" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-69435" src="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-40-483x300.png" alt="" width="691" height="429" srcset="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-40-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-40.png 760w" sizes="(max-width: 691px) 100vw, 691px">
 <figcaption id="caption-attachment-69435" class="wp-caption-text">
 BTC Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
The first major support is $65,000. The next support sits at $64,000. If there is a close below $64,000, the price could start a drop toward the $62,500 level. Any more losses might send the price toward the $60,500 support zone in the near term. 
<h3 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators:</h3> 
<ul> 
 <li style="font-weight: 400">Hourly MACD – The MACD is now gaining pace in the bearish zone.</li> 
 <li style="font-weight: 400">Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.</li> 
 <li style="font-weight: 400">Major Support Levels – $66,000, followed by $65,000.</li> 
 <li style="font-weight: 400">Major Resistance Levels – $68,000, $68,500, and $70,000.</li> 
</ul> 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
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The post <a href="https://bitcoinworld.co.in/what-bitcoin-price-dumped-to-66k-as-bears-gained-strength-64k-next/">What! Bitcoin (BTC) Price Dumped To $66K As Bears Gained Strength, $64K Next?</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

What! Bitcoin (BTC) Price Dumped To $66K As Bears Gained Strength, $64K Next?

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