Bitcoin price has experienced losses recently, testing the $65,500 support level. However, the cryptocurrency is now consolidating and may be poised for a fresh increase if it manages to break above the $66,500 resistance zone.
At present, Bitcoin is trading below $68,000 and the 100 hourly Simple Moving Average. There is a bearish trend line forming with resistance at $66,400 on the hourly chart. The first significant resistance is at $66,500, and if this level is surpassed, the next hurdle would be around $67,650 or the 50% Fibonacci retracement level.
Should Bitcoin succeed in breaching the $68,200 resistance, it might lead to bullish moves and potentially test the $70,000 resistance level.
On the downside, if Bitcoin fails to recover and breaks below the $66,000 support, it could trigger another decline. Immediate support is expected near $65,000, with the next significant level at $63,500.
Technical indicators suggest a bearish tone, with the MACD losing pace in the bearish zone and the RSI below the 50 level.
In summary, while Bitcoin is currently consolidating, a clear move above the $66,500 resistance could pave the way for further gains in the near future. Conversely, a failure to breach this level could lead to further declines in the cryptocurrency’s price.