Bitcoin Price Decline Continues: Lower Targets in Sight

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As a researcher with extensive experience in cryptocurrency markets, I’ve closely monitored the recent decline in Bitcoin price. My analysis indicates that BTC has resumed its downtrend after failing to surpass the $67,000 resistance zone. The price is now trading below key support levels like $66,500 and the 100 hourly Simple moving average.

The price of Bitcoin has once more dipped downwards after hitting the resistance at $66,850. It’s possible that Bitcoin could drop further, even falling below the support level at $65,500.

    Bitcoin failed to climb above $67,000 and started another decline.
    The price is trading below $66,800 and the 100 hourly Simple moving average.
    There was a break below a connecting bullish trend line with support at $66,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could continue to move down and even trade below the $65,500 support zone.

Bitcoin Price Resumes Decline

The price of Bitcoin found it challenging to surpass the $67,000 mark as resistance took hold. Bitcoin’s mood turned bearish following its peak at $66,868, leading to a downward trend that pushed the price below $66,500.

I noticed a significant development in the BTC/USD pair’s hourly chart: The price dipped below the supportive trend line connecting the highs at $66,500. Additionally, this dip took the pair beneath the 23.6% Fibonacci retracement level of the upward swing from the $65,075 swing low to the $66,868 peak.

I’ve noticed that Bitcoin is currently trading beneath the $66,800 mark and below the 100 hourly Simple Moving Average. It appears that the price could imminently challenge the 50% Fibonacci retracement level of the rally from the $65,075 swing low to the $66,868 peak.

The price is encountering resistance around the $66,500 mark and is also close to the 100-hour Simple Moving Average. The initial significant resistance level may be found at $66,850, while $67,000 could serve as the next major hurdle for the price. If the price manages to surpass $67,000, it could initiate a notable uptrend and push the price further upwards.

If the price increases as mentioned, it may encounter resistance at the $66,000 level. Should it continue to rise, Bitcoin could potentially reach the next resistance point of $68,500 in the short term.

More Losses In BTC?

if Bitcoin doesn’t manage to surpass the $66,500 barrier, there’s a chance it may keep declining. The nearest support lies around the $66,000 mark.

$65,750 is the initial significant level of support. A new support is emerging close to $65,500. If prices fall further, they may push towards the nearby support region around $65,000 in the short 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 – $66,500, followed by $65,000.

Major Resistance Levels – $66,500, and $67,000.

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2024-06-17 07:34