Bitcoin Consolidates Losses, Why 100 SMA Holds Is The Key

Bitcoin

Bitcoin price started a downside correction below $65,000 against the US Dollar. BTC must climb above the 100 hourly SMA and $66,500 to start a fresh increase.

Bitcoin started a downside correction below the $66,000 and $65,000 levels.
The price is now trading below $66,000 and the 100 hourly simple moving average.
There is a key contracting triangle forming with resistance near $65,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if there is a clear break above $66,000 and the 100 hourly SMA.

Bitcoin Price Consolidates Below $66K
Bitcoin price started a downside correction below the $66,000 pivot level. BTC broke the $65,500 support level and the 100 hourly simple moving average to move into a short-term bearish zone.
There was a clear break below the $65,000 support and the price even spiked below $64,000. A low was formed near $62,700 before the price corrected higher. There was a break above the $64,000 resistance level.
Bitcoin climbed above the 23.6% Fib retracement level of the key decline from the $68,990 swing high to $62,700 low. On the upside, an immediate resistance is near the $65,200 level. There is also a key contracting triangle forming with resistance near $65,200 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
The first major resistance is near the $65,850 level. It is close to the 50% Fib retracement level of the key decline from the $68,990 swing high to $62,700 low. The main resistance is now forming near the $66,500 level and the 100 hourly SMA.
A clear break above $66,500 resistance may possibly call open the doors for a fresh increase. The next major resistance sits near the $67,500 level.
More Losses in BTC?
If bitcoin fails to clear the $66,500 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $64,200 level.
The first major support is now forming near the $63,500 level. The next major support is near the $62,850 level, below which the price could even decline below the $62,000 support zone.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $63,500, followed by $62,500.
Major Resistance Levels – $65,200, $65,800 and $66,500.

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aave
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okb
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mantle
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bitcoin
Bitcoin (BTC) $ 81,186.75
ethereum
Ethereum (ETH) $ 1,877.55
tether
Tether (USDT) $ 0.999781
xrp
XRP (XRP) $ 2.25
bnb
BNB (BNB) $ 576.90
solana
Solana (SOL) $ 123.07
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.703899
dogecoin
Dogecoin (DOGE) $ 0.164930
tron
TRON (TRX) $ 0.224073
staked-ether
Lido Staked Ether (STETH) $ 1,875.47
lombard-staked-btc
Lombard Staked BTC (LBTC) $ 82,872.20
pi-network
Pi Network (PI) $ 1.65
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 80,982.70
leo-token
LEO Token (LEO) $ 9.73
stellar
Stellar (XLM) $ 0.274994
chainlink
Chainlink (LINK) $ 13.02
usds
USDS (USDS) $ 0.999620
hedera-hashgraph
Hedera (HBAR) $ 0.190331
wrapped-steth
Wrapped stETH (WSTETH) $ 2,241.08
avalanche-2
Avalanche (AVAX) $ 18.30
shiba-inu
Shiba Inu (SHIB) $ 0.000012
sui
Sui (SUI) $ 2.18
the-open-network
Toncoin (TON) $ 2.77
litecoin
Litecoin (LTC) $ 88.01
bitcoin-cash
Bitcoin Cash (BCH) $ 329.96
mantra-dao
MANTRA (OM) $ 6.33
polkadot
Polkadot (DOT) $ 3.96
ethena-usde
Ethena USDe (USDE) $ 0.999646
weth
WETH (WETH) $ 1,878.06
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999825
bitget-token
Bitget Token (BGB) $ 4.16
hyperliquid
Hyperliquid (HYPE) $ 12.50
whitebit
WhiteBIT Coin (WBT) $ 28.21
wrapped-eeth
Wrapped eETH (WEETH) $ 1,992.82
monero
Monero (XMR) $ 206.73
uniswap
Uniswap (UNI) $ 5.90
susds
sUSDS (SUSDS) $ 1.04
dai
Dai (DAI) $ 1.00
aptos
Aptos (APT) $ 5.16
near
NEAR Protocol (NEAR) $ 2.56
pepe
Pepe (PEPE) $ 0.000007
ethereum-classic
Ethereum Classic (ETC) $ 17.90
ondo-finance
Ondo (ONDO) $ 0.830895
internet-computer
Internet Computer (ICP) $ 5.41
gatechain-token
Gate (GT) $ 20.14
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 81,102.73
aave
Aave (AAVE) $ 163.95
okb
OKB (OKB) $ 41.01
mantle
Mantle (MNT) $ 0.727860