Bitcoin Price Struggles Below $67,000 Resistance

Bitcoin Price Struggles Below $67,000 Resistance

Key points:

  • Bitcoin price fails to surpass the $67,000 resistance, peaking at $66,868.
  • Breaking below the $66,500 level signals weakening bullish momentum.
  • Key levels to watch are $66,500, $66,850, and $67,000 for any upward move.

Bitcoin’s price has recently struggled to surpass the $67,000 resistance zone, marking a significant barrier. After peaking at $66,868, BTC has remained in a bearish zone, leading to a fresh decline. The price moved below the crucial $66,500 level, indicating a challenging period for Bitcoin in the short term.

Bearish Shift as Bitcoin Price Breaks $66,500 Support.

The break below a bullish trend line was a key factor in the recent decline. Initially, support was held at $66,500 on the hourly chart of the BTC/USD pair. This shift signalled a weakening bullish momentum.

Additionally, Bitcoin traded below the 23.6% Fibonacci retracement level of the upward move from the $65,075 swing low to the $66,868 high. These events collectively indicated a bearish sentiment prevailing in the market.

Bitcoin Trades Below $66,800 and 100-Hourly SMA

Bitcoin trades below the $66,800 mark and the 100-hourly Simple Moving Average (SMA). This position suggests a potential test of the 50% Fibonacci retracement level of the upward move from $65,075 to $66,868. Moreover, the inability to hold above these critical levels implies that bearish forces exert significant pressure on the price.

Bitcoin Faces Resistance at $66,500, $66,850, $67,000

Immediate resistance is identified at $66,500, closely aligned with the 100-hourly SMA. The first major resistance level is $66,850, followed by a key resistance at $67,000. Overcoming these levels is crucial for Bitcoin to initiate a potential upward trajectory. A clear move above the $67,000 resistance could trigger a substantial increase, possibly testing the $68,500 mark soon.

Bitcoin Price: Breaking $67,000 Could Reach $68,500

Should Bitcoin clear the $67,000 resistance, it might start a decent increase, with initial targets around the $66,000 resistance. Further gains could propel BTC towards the $68,500 resistance, suggesting a positive outlook if the price breaks above the current barriers.

Support Levels and Downside Risks

On the downside, immediate support is found at $66,000. The first major support lies at $65,750, with another significant support forming near $65,500. In the event of further declines, Bitcoin could test the $65,000 support zone, which would indicate more substantial losses and a continuation of the bearish trend.

Bearish Indicators: MACD and RSI Analysis

The technical indicators reflect the bearish sentiment. The hourly MACD is gaining pace in the bearish zone, while the hourly RSI (Relative Strength Index) remains below the 50 level, confirming the prevailing negative momentum. Major support and resistance levels are critical, with support at $66,500 and $65,000 and resistance at $66,500 and $67,000, respectively.