Bitcoin retreats, stoops to conquer selling pressure

Bitcoin price started a downside correction taking it below $66,000. BTC is now correcting gains and might extend losses. Bitcoin struggled close to $70,000 and started a downside correction. The price is trading at $65,673; down 1.66%. There was a break below a key bullish trend line with support at $68,620 on the hourly chart of the BTC/USD pair.

The BTC/USD pair might extend losses if it fails to break past the $66,000 support zone. Last week, Bitcoin price extended gains above the $68,500 resistance zone. BTC even spiked toward the $70,000 resistance zone. However, it failed to stay near $70,000 and started a downside correction.

There was a move below the $68,500 and $68,000 support levels. Besides, there was a break below a key bullish trend line with support at $68,620 on the hourly chart of the BTC/USD pair. The pair even declined below the $66,500 support zone.

The zone of $66,000 was tested. At $66,063, a low was noticed, and the market was consolidating losses. The 100 hourly Simple Moving Average and $68,500 are both below the current price of bitcoin. The $67,000 mark may provide resistance for the price increase. Near the $67,200 mark, or the 23.6% Fib retracement level of the decline from the $69,985 swing high to the $66,036 low, is the first significant resistance level. A clear move above the $67,200 resistance might send the price further higher in the coming sessions.