Bitcoin price continues decline: lower targets ahead! 📉

Bitcoin Struggles to Break Resistance and Initiates a Fresh Decline

Bitcoin experienced challenges in surpassing the $67,000 resistance area and entered a bearish phase, triggering a new decline after reaching a high of $66,868. The cryptocurrency slid below the $66,500 mark, signifying a negative trend.

Furthermore, a bullish trend line connecting support at $66,500 was broken on the hourly chart of the BTC/USD pair, adding to the downward pressure. The pair also dipped below the 23.6% Fib retracement level from the recent low of $65,075 to the high of $66,868.

Currently, Bitcoin is trading under $66,800 and the 100-hourly Simple Moving Average, indicating the possibility of a test towards the 50% Fib retracement level from the swing low of $65,075 to the peak of $66,868.

Resistance levels are identified near $66,500, the 100-hourly SMA, $66,850, and $67,000. A substantial breakthrough above $67,000 could spark a bullish rally.

Bitcoin struggles to surpass the $67,000 resistance zone.
The cryptocurrency faces downward pressure and declines from the $66,868 high.
A bullish trend line support at $66,500 is broken.
Price falls below the 23.6% Fib retracement level.
Bitcoin is currently trading under $66,800 and the 100-hourly SMA.
Potential test towards the 50% Fib retracement level.
Resistance near $66,500, 100-hourly SMA, $66,850, and $67,000.
Breakout above $67,000 could signal a bullish trend.

Possible Further Decline in Bitcoin Price

If Bitcoin fails to overcome the $66,500 resistance mark, the cryptocurrency may extend its decline. Immediate support is projected around the $66,000 level, followed by major support at $65,750 and $65,500.

Further losses could drive the price towards the $65,000 support level in the short term, indicating a bearish outlook for Bitcoin.

Key technical indicators portray: