Bitcoin has been facing a tough time in the market, with the price extending losses and testing the $65,500 support zone. Despite attempting a recovery wave, the cryptocurrency is still trading below $68,000 and the 100 hourly Simple moving average. A connecting bearish trend line forming with resistance at $66,400 on the hourly chart of the BTC/USD pair indicates a challenging road ahead.
The recent downward move saw Bitcoin falling below the critical $66,500 support zone, even dipping below $66,000 and $65,500 levels. While it did manage to recover above $66,000 and test the 23.6% Fib retracement level, the current struggle lies in breaking the $66,500 resistance zone. The price is now facing a major hurdle near the $66,400 level, indicating that a clear move above $66,500 is essential for any upward momentum.
Failure to recover above the $66,500 resistance zone could signal another decline for Bitcoin. Immediate support is expected near $66,000, followed by major levels at $65,350 and $65,000. Further losses might push the price towards the $63,500 support zone in the near term, indicating a challenging road ahead for the cryptocurrency.
Hourly MACD is currently losing pace in the bearish zone, while the Hourly RSI for BTC/USD is below the 50 level. This suggests a lack of positive momentum for Bitcoin at the moment. Major support levels are identified at $66,000 and $65,350, with resistance levels at $66,500 and $67,650.
The road ahead for Bitcoin is uncertain, with the cryptocurrency facing resistance at key levels and struggling to gain upward momentum. The current consolidation phase and technical indicators point towards potential downside risks, highlighting the importance of breaking the $66,500 resistance for any chance of recovery. Investors and traders need to closely monitor the price movements and key levels to make informed decisions in the volatile crypto market.
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