Bitcoin's Support Levels Are Getting Shaky, and Bulls Are Not Amused

Bitcoin price started a fresh decline from the $69,250 zone. $BTC is now struggling to stay above $66,000 and might extend losses in the near term. Spoiler alert: the dip people were stacking sats for isn't looking quite as delicious as expected.

Bitcoin failed to settle above $68,000 and started a fresh decline. The price is trading below $67,000 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance at $67,450 on the hourly chart of the $BTC/USD pair. That trendline is basically telling bulls "thanks for playing, better luck next time."

The pair might start another decline if it stays below the $67,500 and $67,800 levels. Because apparently, holding gains is harder than finding a Satoshi-era wallet password.

Bitcoin Price Dips Again

Bitcoin price failed to stay above the $68,800 zone and started a fresh decline. $BTC traded below $68,200 and $68,000 to enter a bearish zone. The bears even pushed the price below $67,000. A low was formed at $65,688, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $69,250 swing high to the $65,688 low. Consolidating losses: crypto speak for "we're pretending this is a strategic pause."

Bitcoin is now trading below $67,000 and the 100 hourly simple moving average. If the price remains stable above $65,500, it could attempt a fresh increase. Translation: if Bitcoin stops pretending it's in freefall, maybe bulls can pretend they saw this coming.

Immediate resistance is near the $67,000 level. The first key resistance is near the $67,500 level or the 50% Fib retracement level of the downward move from the $69,250 swing high to the $65,688 low. Fibonacci levels: because sometimes you need math to explain why your portfolio looks like asad trombone GIF.

A close above the $67,500 resistance might send the price further higher. In that scenario, the price could rise and test the $68,000 resistance. More