Bitcoin climbed steadily after building support above $63,500. It cleared $64,500 and extended gains beyond $67,000. The rally stalled near $68,180, where sellers entered the market. Soon after, the price retraced below the 50% Fibonacci level of the move from $63,030 to $68,181. BTC now trades under $67,000. It also sits below the 100-hour simple moving average.
If BTC holds above $65,000, buyers could attempt another push higher. Immediate resistance stands near $67,000. A bearish trend line also forms near that level on the hourly chart. the next key resistance sits at $68,200. A close above that level could open the path toward $69,500. Further strength may target $70,000, followed by $70,500 and $71,200.
The immediate support level stands at $65,500, which represents the first point of protection for the market. The market shows its strongest support at $65,000 as this level corresponds with the 61.8% Fibonacci retracement point. The market establishes two extra at $64,250 and $64,000, which function as protective barriers.
The primary support level exists at approximately $63,000. The recovery process becomes challenging when BTC reaches that threshold as it creates a zone in which recovery becomes more difficult.