The price of Bitcoin has experienced a decline below key support levels, including $65,000 and $65,500. Currently, it is consolidating losses and attempting to initiate a recovery towards the $67,000 mark.
However, there are potential hurdles to overcome. The price of Bitcoin in the crypto market is trading below $67,500 and the 100 hourly Simple Moving Average and a bearish trend line is forming with resistance near $67,200. If the price manages to surpass these resistance levels, it could start a fresh increase towards $68,500 and potentially even the $70,000 zone.
On the other hand, if the resistance levels hold, there is a possibility of further downward movement with immediate support at $65,200 and major support levels at $64,500 and $64,000.
Technical indicators currently indicate a bearish trend with the MACD losing momentum in the bearish zone and the RSI below the 50 level.
Source: NEWSBTC
