Bitcoin price continued to decline and tested the $65,500 support zone. BTC is currently consolidating and could target a up-to-date high if it breaks above $66,500.

• Bitcoin has tested the $65,500 level and is trying to bounce back.
• The price is trading below $68,000 and the 100-hour straightforward moving average.
• On the hourly chart of the BTC/USD pair (data from Kraken), a connecting downtrend line is forming with resistance at $66,400.
• The pair could start a up-to-date uptrend if it breaks through the USD 66,500 resistance zone.

Bitcoin Price Revisits Support

Bitcoin price continued losses below the $66,500 support zone. BTC even fell sharply below the $66,000 and $65,500 levels. A low was formed near $65,337, and the price is now consolidating losses.

It has rebounded above the $66,000 level and tested the 23.6% Fibonacci retracement level of the downward move from the $69,985 high to the $65,337 low. However, the price is currently struggling to break the $66,500 resistance zone. A bearish trendline is also forming on the hourly chart of the BTC/USD pair with resistance at $66,400.

Bitcoin price is trading below $68,000 and the 100-hour straightforward moving average. On the other hand, the price could face resistance near the $66,400 level. The first key resistance is near the $66,500 level.

A clear move above the $66,500 resistance could see the price rally further in the coming sessions. The next key resistance could be $67,650 or the 50% Fibonacci retracement level of the downtrend from the $69,985 high to the $65,337 low.

The next major obstacle is $68,200. A close above the $68,200 resistance could trigger a bullish move. In this case, the price could rise and test the $70,000 resistance.

Another BTC drop?

If Bitcoin fails to rebound above the $66,500 resistance zone, it could begin another decline. Immediate support on the downside is near the $66,000 level.

The first major support is at $65,350. The next support is now near $65,000. Any further losses could push the price towards the $63,500 support zone in the near future.

Technical indicators:

Hourly MACD – MACD is currently losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for the BTC/USD pair is currently below the 50 level.

Major support levels – $66,000 followed by $65,350.

Major resistance levels – USD 66,500 and USD 67,650.