Bitcoin Drops Significantly, The $65,000 Level Becomes a Point of Contention

Bitcoin has been unable to maintain stability above the $70,000 zone. BTC has started a new decline and is trading below the $68,800 support zone. The price has dropped below $68,000. It has fallen below the 50% Fibonacci retracement level of the upward move from the lowest point of $60,500 to the highest point of $72,256. Additionally, on the hourly chart of the BTC/USD pair, a downtrend line is forming with resistance near $68,200. Bitcoin is currently trading below the $68,000 level and the 100-hour simple moving average. If the price stays above $65,000, it may attempt to rebound. The nearest resistance is around $68,200 and the trendline. The first major resistance level is near $69,000. If the price closes above the $69,000 resistance, it could push higher. In that case, the price may rise to test the $70,000 resistance. Any further upward movement could push the price to $71,500. The next barriers for the bulls could be at $72,000 and $72,500. Will BTC Continue to Decline? If Bitcoin fails to break above the $69,000 resistance zone, it could start another downward move. Immediate support is near $66,000. The first major support is around $65,000 or the 61.8% Fibonacci retracement level of the upward move from $60,500 to $72,256. The next support is currently near the $63,500 zone. Any further decline could push the price down to the $62,000 support level in the short term. The key support level is now at $61,200; below this, BTC may struggle to recover in the short term. Technical Indicators: • Hourly MACD – The MACD indicator is currently accelerating in the bearish zone. • Hourly RSI (Relative Strength Index) – The BTC/USD RSI is currently below 50. • Major support levels – $66,000, followed by $65,000. • Major resistance levels – $69,000 and $70,000.