Bitcoin drops to fresh weekly low as bulls forfeit crucial support

crypthub

about 5 hours ago

Market Overview

Bitcoin could not stay above $66,000 and began a fresh decline, now trading under $65,500 and the 100‑hour SMA. A bearish trend line places resistance near $66,800 on the hourly chart. MACD is accelerating in bearish territory and RSI has fallen below 50.

Current Price Action

The pair broke the $66,000 support, fell below $65,000 and briefly touched $64,000, forming a low at $63,351. It recovered to around $64,600 but remains under the 23.6% Fibonacci retracement. A close above $65,250 would revive upward momentum.

Potential Upside

Holding above $64,000 could target $66,000 and the 50% Fibonacci level, with further upside toward $66,800 and the $67,500‑$67,700 range. These levels align with the upper edge of the bearish trend line. A breakout would restore bullish confidence.

Support and Downside Risk

If $65,250 is not held, the next supports are $64,000, $63,500 and $63,200, with deeper tests at $62,650 and a critical floor at $62,000. Dropping below $62,000 would make short‑term recovery unlikely. Traders should monitor these zones for entry or exit signals.