Bitcoin price started another decline after it struggled near $64,550. BTC declined below the $63,500 support and might continue to move down.

 Bitcoin Price Dips FurtherBitcoin price failed to recover above the $65,000 level. BTC struggled near $64,550 and started another decline. There was a steady decline below the $64,000 and $63,500 levels.The price even declined below the $63,000 level. A low was formed at $62,700 and the price is now consolidating losses. There is also a connecting bearish trend line forming with resistance at $63,600 on the hourly chart of the BTC/USD pair.Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average. If there is a recovery wave, the price could face resistance near the $63,550 level and the 23.6% Fib retracement level of the downward move from the $66,444 swing high to the $62,700 low.The first major resistance could be $64,000. The next key resistance could be $64,500 or the 50% Fib retracement level of the downward move from the $66,444 swing high to the $62,700 low. A clear move above the $64,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $65,500 resistance. Any more gains might send BTC toward the $66,200 resistance in the near term. More Downsides In BTC?If Bitcoin fails to climb above the $63,550 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,700 level.The first major support is $62,200. The next support is now forming near $62,000. Any more losses might send the price toward the $61,200 support zone in the near term.Technical indicators:Hourly MACD – The MACD is now gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.Major Support Levels – $62,700, followed by $62,200.More By This Author:Bitcoin Drops Below $64,000 As The Bears’ Grip TightensBitcoin Price Struggling At $64,000: Here’s Why It Could Be A ‘Do-Or-Die’ Weekend For The BTC Price Ripple Clears Hurdle In Court: XRP Not Ruled As Security, Claims Dismissed