Bitcoin Struggles Below Key Resistance Levels
- The Bitcoin price corrected gains and tested the $66,500 support level.
- BTC is trading below $67,500 and the hourly simple moving average of the last hundred hours.
- A declining channel with resistance at $68,850 is forming on the BTC/USD hourly chart.
- Immediate resistance is near $68,000, with major resistance at $68,850.
- Support levels are at $66,500 and further down at $66,000 and $65,000.
Bitcoin’s price has struggled to maintain stability above key resistance levels and is currently trading below crucial support zones. The formation of a declining channel indicates potential further declines unless BTC can break through immediate resistance levels.
The current trading patterns suggest that if Bitcoin fails to rise above the $68,850 resistance zone, it may face additional declines toward lower support levels such as $65,000 or even lower in the near term. Source
