Bitcoin Price Correction: Will BTC Fall Below $65,500 Support Zone?

Bitcoin price struggled to break above the $68,500 resistance zone and has now started a correction wave. The leading cryptocurrency is currently trading below $66,500 and the 100 hourly Simple moving average, indicating a short-term bearish trend.

A key bullish trend line with support at $67,200 on the hourly chart of the BTC/USD pair was broken, leading to a spike below the $65,500 support level. The price is now consolidating losses and is facing resistance near the $66,150 level. If there is a fresh increase, the next hurdles for Bitcoin price are at $66,800 and $67,100, with a major resistance at $67,200.

However, if Bitcoin fails to climb above the $67,200 resistance zone, it could continue to move down. Immediate support on the downside is near $65,500, followed by $65,080 and $64,200. Further losses might push the price towards the $63,500 support zone in the near term.

Technical indicators show that the MACD is gaining pace in the bearish zone, while the RSI for BTC/USD is below the 50 level. Major support levels for Bitcoin are at $65,500 and $65,000, with major resistance levels at $67,200 and $68,000.

Overall, Bitcoin price is facing a challenging period as it struggles to maintain gains above $67,000. Traders and investors will be closely watching the price movements in the coming sessions to see if Bitcoin can break above key resistance levels or if it will continue to decline further.