The Great Bitcoin Fandango: A Short Descent into Numbers

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Bitcoin couldn’t stay perched above the magical $66,000 and decided to go for a stroll. The losses are now consolidating like luggage at a busy airport, and a heroic recovery above $66,000 remains a distant dream.

  • Bitcoin kicked off a fresh decline and wandered below the fabled 66,000 mark, as if the universe forgot to tip its hat.
  • The price is currently moonwalking below 65,500 and the 100-hour moving average, which sounds impressive until you remember it’s just a line.
  • A bearish trend line is assembling its own fan club with resistance at $66,800 on the hourly BTC/USD chart (courtesy of Kraken, the intergalactic data tea kettle).
  • It could tip downward again if it wanders below $63,500 and $63,200, which is the market’s way of saying “let’s try gravity again”.

Bitcoin Stumbles Through the Gate

Bitcoin couldn’t stay steady above the $66,500 zone. It embarked on a fresh decline and slipped beneath the $66,000 support, with a heroic push below $65,000.

It even tiptoed under $64,000, plumbed a low around $63,351, and is now busy massaging its losses back into the couch cushions. It managed a brief excursion above $64,000, but remains well short of the 23.6% Fibonacci retracement of the swing from $68,652 to $63,351.

Bitcoin is rolling below $66,000 and the 100-hour average. If it can cling above $64,000, a fresh ascent might be attempted. Immediate resistance sits near $64,600.

The first real resistance is about $65,250. If it crosses that, the price could wander toward the next gate at $66,000 or revisit the 50% Fib retracement from the recent move down from $68,652 to $63,351.

Any further gains might ferry the price toward $66,800. The same resident bearish trend line continues with resistance around $66,800 on the hourly BTC/USD chart. The next guest stars could be $67,500 and $67,700.

Another Decline Looms Like Vogons

If Bitcoin can’t rise above the $65,250 resistance, it may stage another nosedive. Immediate support is near $64,000. The first major bulwark sits near $63,500.

Further support lines appear near $63,200. If the downward drift continues, the price could drift toward $62,650. The main support now sits at $62,000, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $64,000, followed by $63,500.

Major Resistance Levels – $65,000 and $66,000.

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2026-02-24 06:07