🔥Why Bitcoin's Price May Face Continued Decline!

Bitcoin's price is having a tough time bouncing back above the $67,000 mark. If it falls below $64,500, things could get even worse.

Bitcoin is encountering obstacles around $66,500 and $67,000. It's currently trading below $67,000 and the 100-hour Simple

📊Moving Average.

On the hourly chart of the BTC/USD pair from Kraken, there's a significant bearish trend line forming with resistance near $66,400.

This puts Bitcoin at risk of dropping below the $64,500 support level.

Upsides for Bitcoin Remain Limited

After dipping close to $64,500, Bitcoin tried to recover slightly, climbing above $66,000. It even surpassed the 23.6% Fibonacci retracement level of its recent downward swing. But, it faced resistance near $66,600.

Now, with Bitcoin still below $67,000 and the 100-hour SMA, the bearish trend persists.

Immediate resistance levels are around $66,400 and $66,600. Breaking above these could trigger a fresh uptick, possibly pushing the price towards $67,950.

On the flip side, if Bitcoin can't overcome the $66,600 hurdle, it might continue its descent. Initial support lies near $65,200, followed by $64,600 and $64,000. Dropping below $64,000 could lead to further declines toward $62,500 and even $60,500.

📉Technical Indicators to Watch

The hourly MACD is heading deeper into bearish territory, while the Relative Strength Index (RSI) for BTC/USD is now below the 50 level.

👀Key Levels to Watch

Major support levels: $65,200 and $64,500

Major resistance levels: $66,600, $67,000, and $67,950
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