Bitcoin Price Teeters on Edge, Will Support Finally Snap?

The pair might start another decline if it stays below the 67,500 and 67,800 levels. Bitcoin Price Dips Again Bitcoin price failed to stay above the 68,800 zone and started a fresh decline. BTC traded below 68,200 and 68,000 to enter a bearish zone. The bears even pushed the price below 67,000. A low was formed at 65,688, and the price is now consolidating losses below the 23.6 Fib retracement level of the downward move from the 69,250 swing high to the 65,688 low. Bitcoin is now trading below 67,000 and the 100 hourly simple moving average. If the price remains stable above 65,500, it could attempt a fresh increase. Immediate resistance is near the 67,000 level. The first key resistance is near the 67,500 level or the 50 Fib retracement level of the downward move from the 69,250 swing high to the 65,688 low. There is also a bearish trend line forming with resistance at 67,450 on the hourly chart of the BTC/USD pair. A close above the 67,500 resistance might send the price further higher. In the stated case, the price could rise and test the 68,000 resistance. Any more gains might send the price toward the 68,500 level. The next barrier for the bulls could be 68,800. More Losses In BTC? If Bitcoin fails to rise above the 67,500 resistance zone, it could start another decline. Immediate support is near the 66,000 level. The first major support is near the 65,500 level. The next support is now near the 65,000 zone. Any more losses might send the price toward the 64,200 support in the near term. The main support now sits at 63,500, below which BTC might struggle to recover 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 – 66,000, followed by 65,500. Major Resistance Levels – 67,500 and 68,000.