Bitcoin Retreats Below $67,000 as Bears Take Control, $65K Becomes Crucial Battleground

Bitcoin's price has continued its downward trajectory, failing to maintain positions above key resistance levels and initiating a fresh decline. The cryptocurrency is currently trading below the $67,500 mark, indicating potential for further losses in the immediate future as bearish momentum intensifies.

Sustained Decline and Key Levels Breached

After failing to hold above the $68,800 zone, Bitcoin embarked on a fresh decline, breaking below the $68,000 support and subsequently pushing past the $67,000 threshold. The downturn saw BTC dip below the 50% Fibonacci retracement level of its recent upward move from $60,500 to $72,255, with bears actively pushing the price under $65,500. A significant bearish trend line has also formed on the hourly chart, establishing resistance around $67,500. The coin now trades comfortably below both the $67,000 level and its 100-hourly Simple Moving Average.

Short-Term Outlook and Technical Indicators

Should Bitcoin struggle to regain the $68,000 resistance zone, further losses are anticipated. Immediate support is identified near $65,500, with the first major support lying around the $65,000 level, which also aligns with the 61.8% Fib retracement of the aforementioned rally. Subsequent critical support areas are found near $62,750 and, ultimately, the main support at $60,500. A breach below these levels could see the price testing even lower grounds. Technically, the Hourly MACD is gaining momentum within the bearish zone, while the Hourly Relative Strength Index (RSI) for BTC/USD is positioned below the 50 level, reinforcing the current bearish sentiment. Key resistance levels to watch for any potential recovery are $67,500 and $68,000.