Bitcoin's price dropped to $66,000 as bears became more powerful, with potential to decrease further to $64,000. The decline started from the $70,000 resistance area, leading to a decrease of over 5% as BTC fell below the $67,000 support level.

Bitcoin struggled to surpass the $70,000 resistance and subsequently dropped after breaking the $69,200 support level. The price fell sharply below $68,500 and continued its decline below $67,000 before reaching $66,000. A recovery attempt is being made after hitting a low near $65,992.

There was a slight increase above $66,800, moving above the 23.6% Fib retracement level. However, Bitcoin is currently trading under $68,500 and the 100 hourly Simple Moving Average. Additionally, a bearish trend line is forming with resistance near $68,400 on the BTC/USD hourly chart.

Immediate resistance is anticipated near $68,000, with the first significant resistance at $68,500. Breaking above this resistance could initiate a new uptrend towards the $70,000 resistance mark in the short term.

If Bitcoin fails to surpass the $67,000 resistance, it might continue its downward trajectory. Initial support is positioned near $66,000, followed by major support levels at $65,000 and $64,000. Further decline could lead to a drop towards the $62,500 support level in the near future.

Technical Analysis:

• Hourly MACD indicates a bearish trend.
• Hourly RSI for BTC/USD is below the 50 level.
• Major Support Levels: $66,000, $65,000.
• Major Resistance Levels: $68,000, $68,500, $70,000.

Please note that the information provided is not intended as trading advice. Bitcoinworld.co.in does not hold any responsibility for investment decisions made based on this information and recommends conducting independent research or consulting with a professional before making any investment choices.