Bitcoin's price has slumped over 5%, failing to hold above the $68,000 mark. The cryptocurrency is now consolidating losses, trading below $66,500 and facing renewed bearish momentum.
BTC experienced a sharp decline, breaking below key support at $66,500 and even spiking below $65,000. A critical bullish trend line with support at $68,000 was breached on the hourly chart, with a low reaching $64,203.
The digital asset is currently trading below its 100-hour simple moving average. While a move above $64,500 has occurred, recovery above the $66,500 resistance zone remains a challenge.
Immediate resistance lies near the $65,250 level, followed by $66,400. A sustained close above $66,400 could pave the way for a test of $67,000 and potentially $68,000.
However, failure to overcome the $66,000 resistance could trigger another decline. Key support levels to watch are $64,500 and $64,200, with a significant barrier at $63,500. A break below $62,000 could signal further struggles for recovery.
Technical indicators, including the hourly MACD and RSI, suggest a bearish trend. Major support is identified at $64,500 and $64,200, with resistance at $66,000 and $66,500.