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Bitcoin Price Could Struggle and Fall Further – Here’s Why

Bitcoin price is struggling to recover above the $67,000 zone. BTC could gain bearish momentum if it closes below the $64,500 level.

  • Bitcoin is facing many hurdles near the $66,500 and $67,000 levels.
  • The price is below $67,000 and the 100 hourly simple moving average.
  • A major bearish trend line is forming with resistance near $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now at risk of a bearish break below the $64,500 support zone.

The rise in Bitcoin price remains limited

Bitcoin price entered a consolidation phase after falling towards the $64,500 level. BTC traded as high as $64,572 and recently attempted a slight recovery wave.

There was a move above the $66,000 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the swing high $71,305 to low $64,570. However, the bears were active near the $66,600 level.

Bitcoin is currently trading below $67,000 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $66,400 on the hourly chart of the BTC/USD pair.

The immediate resistance is near the $66,400 level and the trend line. The first major resistance could be at $66,600. If there is a clear move above the $66,600 resistance zone, the price could start a fresh increase. In the mentioned case, the price could rise towards the 50% Fib retracement level of the downward wave from the swing high at $71,305 to the low at $64,570 at $67,950.

Bitcoin price

Source: BTCUSD on TradingView.com

The next major resistance is near the $68,750 zone. Further gains could push Bitcoin towards the $70,000 resistance zone in the short term.

More losses on BTC?

If Bitcoin fails to rise above the $66,600 resistance zone, the price could fall further. The immediate downside support is near the $65,200 level.

The first major support is at $64,600. The next support is at $64,000. If the close is below $64,000, the price could decline towards the $62,500 level. Any further losses could push the price towards the $60,500 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.

Main support levels – $65,200, followed by $64,500.

Major resistance levels – $66,600, $67,000 and $67,950.

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