Bitcoin struggled to break above the $67,000 resistance zone. BTC remained in a risky price range and started a fresh decline from $66,868. There was a break below a rising trend line with support near $66,500 on the hourly chart of the BTC/USD pair. The pair traded below the 23.6% Fib retracement level of the upward move from the $65,075 swing low to the $66,868 high. Bitcoin is currently trading at $66,800. It seems BTC might soon test the 50% Fib retracement level of the upward move from the $65,075 low to the $66,868 high.
On the upside, it is facing resistance near the $66,500 level and the 100 hourly Simple Moving Average. The first major resistance could be $66,850. The next key resistance might be $67,000. A clear move above the $67,000 resistance could start a decent increase and push the price further higher.
What do the indicators say for Bitcoin?
If Bitcoin fails to break above the $66,500 resistance zone, it may continue to decline. The $66,000 band can be monitored as a support level. The first major support is at $65,750. The next support is forming around $65,500. Increased selling pressure could push the price towards the $65,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is currently gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Major Support Levels – $66,500, followed by $65,000.
Major Resistance Levels – $66,500 and $67,000.