Bitcoin

Resistance

Bitcoin price started another decline from the $66,850 resistance zone. BTC is again moving lower and might even decline below the $65,500 support zone. 
<ul> 
 <li>Bitcoin failed to climb above $67,000 and started another decline.</li> 
 <li>The price is trading below $66,800 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a connecting bullish trend line with support at $66,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move down and even trade below the $65,500 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-resumes-decline">Bitcoin Price Resumes Decline</h2> 
Bitcoin price struggled to climb above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-bears-66k/" target="_blank" rel="noopener ">$67,000 resistance zone</a>. BTC remained in a bearish zone and started a fresh decline from the $66,868 high. There was a move below the $66,500 level. 
Besides, there was a break below a connecting bullish trend line with support at $66,500 on the hourly chart of the BTC/USD pair. The pair traded below the 23.6% Fib retracement level of the upward move from the $65,075 swing low to the $66,868 high. 
Bitcoin is now trading below $66,800 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-70k-2/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. It seems like the price might soon test the 50% Fib retracement level of the upward move from the $65,075 swing low to the $66,868 high. 
On the upside, the price is facing resistance near the $66,500 level and the 100 hourly Simple moving average. The first major resistance could be $66,850. The next key resistance could be $67,000. A clear move above the $67,000 resistance might start a decent increase and send the price higher. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_1b597a.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-624945 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_1b597a.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_1b597a.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_1b597a.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_1b597a.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_1b597a.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_1b597a.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_1b597a.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_1b597a.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
In the stated case, the price could rise and test the $66,000 resistance. Any more gains might send BTC toward the $68,500 resistance in the near term. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $66,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $66,000 level. 
The first major support is $65,750. The next support is now forming near $65,500. Any more losses might send the price toward the $65,000 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $66,500, followed by $65,000. 
Major Resistance Levels – $66,500, and $67,000.

Bitcoin Price Decline Continues: Lower Targets in Sight

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