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Bitcoin Price Back at Support: Can It Avoid a Breakdown?

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Bitcoin price started a fresh decline below the $65,000 level. BTC is now testing the $62,850 support zone and might start another increase.

Bitcoin price started a fresh decline from the $66,000 resistance. BTC broke the $65,000 and $64,500 support levels to move into a short-term bearish zone.

The price even dipped below $63,500. A low was formed at $62,883 and the price is now consolidating losses. The price is now trading below the 23.6% Fib retracement level of the downward move from the $66,055 swing high to the $62,833 low.

Bitcoin is now trading below $64,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $63,500 level.

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