Bitcoin (BTC) Price Dips Further, Correcting Losses, but the Bears Are Still in Control

Bitcoin price remained in a bearish zone after it settled below the $66,500 resistance zone. BTC extended losses and traded below the $65,000 level.

Bitcoin price extended its losses from the $67,255 swing high and traded below the $65,000 level. BTC is correcting losses, but the bears are still in control and aim for more losses.

Bitcoin price remained in a bearish zone after it settled below the $66,500 resistance zone. Now, BTC is showcasing some clear losses and it extended its decline from the mentioned resistance. The price also dipped below the $65,000 level. Moreover, there was a strong downward wave from the $67,255 swing high, and the price finally found support around the $64,050 level.

Bitcoin price formed a low at $64,050 and the price is now correcting its losses. As a result, there was a minor recovery above the $64,500 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the $67,255 swing high to the $64,050 low.

However, Bitcoin is now trading below $65,500 and the 100 hourly Simple moving average. There is also a connecting trend line forming with resistance at $65,400 on the hourly chart of the BTC/USD pair.

On the upside, the price is facing resistance near the $65,500 level and the trend line. The first major resistance could be $65,650 or the 50% Fib retracement level of the downward wave from the $67,255 swing high to the $64,050 low. The next key resistance could be $66,000.

A clear move above the $66,000 resistance might start a decent increase and send the price higher. In the stated case, the price could rise and test the $66,500 resistance. Any more gains might send BTC toward the $67,500 resistance in the near term.

If Bitcoin fails to climb above the $65,400 resistance zone, it could start another decline. Immediate support on the downside is near the $64,800 level.

The first major support is $64,200, followed by $64,000, and any more losses might send the price toward the $63,200 support zone in the near term.

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $64,500, followed by $64,000

Major Resistance Levels – $65,400, and $66,000