Bitcoin (BTC) Price Revisits Support and Might Start Another Increase

Bitcoin price started a fresh decline from the $66,000 resistance. BTC broke the $65,000 and $64,500 support levels to move into a short-term bearish zone.

Bitcoin price started a fresh decline from the $66,000 resistance. BTC broke the $65,000 and $64,500 support levels to move into a short-term bearish zone. However, BTC price found support near the $62,850 level. BTC is now consolidating losses after a sharp decline from the $66,000 resistance.

Bitcoin price started a fresh decline from the recent highs. BTC price surged past the $65,000 resistance and continued to rise. However, the bulls failed to push the price above the $66,000 resistance.

After failing to clear the $66,000 resistance, the price of BTC started a fresh decline. BTC broke the $65,000, $64,500, and $64,000 support levels to move into a short-term bearish zone.

The price even dipped below $63,500. A low was formed at $62,883 and the price is now consolidating losses.

On the upside, the first key resistance is now near the $64,500 level. It is close to the 50% Fib retracement level of the downward move from the $66,055 swing high to the $62,833 low.

A clear move above the $64,500 resistance might send the price higher. The next key resistance could be $65,500. A close above the $65,500 resistance might spark more upsides. In the stated case, the price could rise and test the $66,200 resistance level. Any more gains might send the price toward the $68,000 resistance level.

If Bitcoin fails to rise above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $63,000 level.

The first major support is now near the $62,850 level. The next support is now near the $62,500 zone. Any more losses might send the price toward the $61,200 support in the near term.