Bitcoin could face more losses before rebounding higher

Bitcoin may encounter further declines before the stage for a higher rebound

Bitcoin’s price began a precipitous slide from its new all-time high of US$69,218. BTC plummeted to US$59,150 before trimming losses in the crypto market. The Bitcoin cryptocurrency has risen back over US$65,000, but the bears are now preventing further gains above US$67,500.

A high was made at US$67,635 and the price is currently consolidating. It is currently trading above the 23.6% Fib retracement line of the upward advance from the US$59,150 swing low to the US$67,635 high.

Bitcoin is still trading over US$65,000 and the 100-hour Simple Moving Average. Immediate resistance is around US$67,000. On the hourly chart of the BTC/USD pair, a short-term negative trend line has formed, with resistance near US$67,000.

The next major resistance level might be US$68,000, beyond which the price could increase to the US$69,200 barrier zone. If there is a clean break over the US$69,200 resistance zone, the price might surge above US$70,000. Any more advances might propel the price to US$72,000 or higher.

Another decline in Bitcoin?

If Bitcoin fails to move over the US$67,000 barrier level, it may begin another downward slump. Immediate downside support is at US$66,650.

The initial big sponsorship is US$65,000. If the price closes below US$65,000, it may begin a strong drop below the 50% Fib retracement level of the upward run from the US$59,150 swing low to the US$67,635 high around US$63,400. Any more losses might push the price towards the US$62,500 support zone.