Bitcoin's price has corrected from recent gains, testing the crucial $66,500 support level. The cryptocurrency is now struggling, indicating a potential further decline below the $65,000 zone.
BTC is trading below $67,500 and its 100-hour simple moving average. A declining channel is forming on the hourly chart, with resistance identified at $68,850. If the price cannot hold above $66,500, a dip towards $66,000 is anticipated.
Immediate resistance sits near $68,000, with a significant hurdle at $68,850. A sustained move above this level could propel Bitcoin towards $70,000. However, failure to break through this resistance may trigger another downturn.
Key support levels to monitor are $66,500 and $66,000. A break below these could see BTC fall towards $64,200, with the $63,500 level acting as a major support that could impact near-term recovery prospects.