Bitcoin price extended its decline below the $65,000 support zone. BTC is now consolidating losses and might attempt a recovery wave toward $67,000.

 Bitcoin Price Drops FurtherBitcoin price turned red after it broke the $68,000 support zone. BTC extended its decline below the $65,500 and $65,000 levels. Finally, it tested the $64,500 region.A low was formed near $64,572 and the price is now consolidating losses. There was a move above the $65,000 level. The price even tested the 23.6% Fib retracement level of the downward move from the $71,306 swing high to the $64,572 low.Bitcoin is now trading below $67,000 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $67,200 on the hourly chart of the BTC/USD.Immediate resistance is near the $66,000 level. The first major resistance could be $67,200 and the trend line. If there is a clear move above the $67,200 resistance zone, the price could start a fresh increase. In the stated case, the price could rise toward the 50% Fib retracement level of the downward move from the $71,306 swing high to the $64,572 low at $67,950. Source: BTCUSD on TradingView.comThe next major resistance is near the $68,500 zone. Any more gains might send Bitcoin toward the $70,000 resistance zone in the near term. More Losses In BTC?If Bitcoin fails to rise above the $67,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $65,200 level.The first major support is $64,500. The next support sits at $64,000. If there is a close below $64,000, the price could start a drop toward the $62,500 level. Any more losses might send the price toward the $60,500 support zone in the near term.Technical indicators:Hourly MACD – The MACD is now losing pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.Major Support Levels – $65,200, followed by $64,500.More By This Author:XRP Price Discussion: Ripple CTO Addresses Myths And RealitiesBitcoin Back At $70,000 Amid New Market RevivalCardano Emerges As Developer Favorite: Tops Ethereum, Avalanche, Litecoin, And Tron In Github Activity