Bitcoin's price failed to hold above the resistance levels of $66,500 and $67,000, leading to further decline and a break below the support at $66,000. This moved BTC into a short-term bearish zone.

On the hourly chart of the BTC/USD pair, a break below the key ascending trend line, which had support at $67,200, was recorded. As a result, the price dropped below $65,500, reaching a low of $65,458. Currently, the price is consolidating losses, trading below the 23.6% Fibonacci retracement level of the recent decline from the $68,240 high to the $65,458 low.

Bitcoin is now trading below $66,500 and the 100-hour simple moving average. If there is a new rise, the price might face resistance around the $66,150 level.

The first key resistance is near the $66,800 level, which aligns with the 50% Fibonacci retracement level of the recent decline from $68,240 to $65,458. Breaking this level could lead to a new rally in the upcoming sessions.

The next key resistance is at $67,100, followed by a significant barrier at $67,200. A close above $67,200 could push the price higher. In this case, the price might rise and test the resistance at $68,000.

Possible further losses in BTC?

If Bitcoin fails to overcome the resistance zone at $67,200, it could continue to decline. The nearest support on the downside is around the $65,500 level.

The first major support is at $65,080, followed by the $64,200 level. Further losses could lead the price to the support zone at $63,500 in the short term.

Technical Indicators:

Hourly MACD – The MACD is gaining strength in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Major support levels – $65,500 and $65,000.

Major resistance levels – $67,200 and $68,000.