Bitcoin's price has corrected, testing the $66,000 support level. The cryptocurrency is now consolidating its losses and shows potential for further declines below the $65,500 zone.
BTC is trading below $67,200 and the 100-hour simple moving average, with a declining channel forming. Immediate resistance is noted at $68,000. A failure to break above this level could trigger another dip, with primary support at $66,000 and the next significant level at $65,500.
Should Bitcoin manage to break above the $68,000 resistance, it could aim for higher levels, potentially testing $68,800 and $69,500. However, the current market sentiment and technical indicators, including a bearish MACD and an RSI below 50, suggest continued downward pressure. Key support levels to monitor are $66,000 and $65,000, while resistance remains around $67,350 and $68,000.