Bitcoin price is struggling to recover above the $67,000 zone. BTC could gain bearish momentum if there is a close below the $64,500 level.
- Bitcoin is facing many hurdles near the $66,500 and $67,000 levels.
- The price is trading below $67,000 and the 100 hourly Simple moving average.
- There is a major bearish trend line forming with resistance near $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now at risk of a downside break below the $64,500 support zone.
Bitcoin Price Upsides Remain Capped
Bitcoin price started a consolidation phase after there was a drop toward the $64,500 level. BTC traded as low as $64,572 and recently attempted a minor recovery wave.
There was a move above the $66,000 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the $71,305 swing high to the $64,570 low. However, the bears were active near the $66,600 level.Bitcoin is now trading below $67,000 and the 100 hourly Simple moving average. There is also a major bearish trend line forming with resistance near $66,400 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $66,400 level and the trend line. The first major resistance could be $66,600. If there is a clear move above the $66,600 resistance zone, the price could start a fresh increase. In the stated case, the price could rise toward the 50% Fib retracement level of the downward wave from the $71,305 swing high to the $64,570 low at $67,950.