Bitcoin’s price decline continues as it fails to break above the $67,000 resistance zone. The cryptocurrency is now trading below $66,800 and the 100 hourly Simple moving average, indicating further downside potential. A connecting bullish trend line has been broken with support at $66,500, suggesting a possible decline below the $65,500 support zone.
If Bitcoin fails to overcome the $66,500 resistance, it could continue moving down. Immediate support levels are seen at $66,000 and $65,750, with the next support forming near $65,500. Further losses may even push the price towards the $65,000 support zone in the near future.
Technical indicators are showing bearish signals, with the MACD gaining pace in the bearish zone and the hourly RSI (Relative Strength Index) below the 50 level.
In the event of a breakout above the resistance zone, the price could rise towards $66,000, and further gains may bring Bitcoin closer to the $68,500 resistance level. However, at the moment, the overall trend seems to favor further decline.