Bitcoin (BTC) Price Analysis: BTC Tests $65.2K Support Before Resuming Its Uptrend

Bitcoin price extended its downside correction below the $66,500 level. There was a move below the $66,000 and $65,500 levels. The price even tested the $65,200 support zone.

Bitcoin price declined heavily below the $66,500 level. There was a move below the $66,000 and $65,500 levels. The price even tested the $65,200 support zone. A low was formed at $65,199 and the price is again rising. There was a clear move above the $66,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $69,425 swing high to the $65,199 low. Besides, there was a break above a key bearish trend line with resistance at $66,800 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading below $67,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $67,300 level or the 50% Fib retracement level of the downward move from the $69,425 swing high to the $65,199 low.

The first key resistance is near the $67,500 level. A clear move above the $67,500 resistance might send the price higher. The next key resistance could be $68,000.

A close above the $68,000 resistance might initiate more gains. In the stated case, the price could rise and test the $69,200 resistance level. Any more gains might send the price toward the $70,000 resistance level.

Another Decline In BTC?

If Bitcoin fails to rise above the $67,500 resistance zone, it could start another decline. Immediate support on the downside is near the $66,500 level.

The first major support is near the $66,200 level. The next support is now near the $66,000 zone. Any more losses might send the price toward the $65,200 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $66,500, followed by $66,200.

Major Resistance Levels – $67,500, and $68,000.

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