Bitcoin price failed to recover above the $65,500 resistance. BTC is again moving lower and there is a risk of more downsides below $63,000.
- Bitcoin started another decline after it failed to surpass the $65,500 resistance zone.
- The price is trading below $64,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate lower if there is a daily close below the $63,000 support zone.
Bitcoin Price Faces Hurdles
Bitcoin price started a recovery wave from the $62,750 support zone. BTC was able to climb above the $64,000 and $64,500 resistance levels. However, the price failed to clear the $65,500 resistance zone.
A high was formed at $65,300 and the price started another decline. There was a move below the $64,500 level. The price tested the 50% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high.Bitcoin is now trading below $64,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $64,500 level or the trend line. The first major resistance could be $65,350 or $65,500. A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,200.