Bitcoin (BTC) dropped more than 5% after failing to hold above $68,000, falling as low as $64,203 on the BTC/USD pair before stabilizing, with hourly chart data showing a breakdown of a bullish trend line and the price now trading below both the $65,500 level and the 100 hourly simple moving average.
What Happened: Sharp Selloff Below $65,500
BTC broke below the $66,500 support zone and continued sliding past $66,000 and $65,000. The decline accelerated after a bullish trend line with support at $68,000 gave way on the hourly chart.
The price bottomed at $64,203 and has since recovered slightly above $65,000. It remains well below the 23.6% Fibonacci retracement level of the move from the $68,653 swing high to the $64,203 low.
Immediate resistance sits near $65,250, with a more significant barrier at $66,400 — the 50% Fibonacci retracement of the same decline.
A sustained close above that level could open a path toward $67,000 and potentially $68,000.
On the downside, failure to reclaim $66,000 could push BTC toward support at $64,200 and $63,500. A deeper slide would target $62,850 and the $62,000 level, which now serves as the main floor.
The hourly MACD is accelerating in bearish territory, while the RSI on the BTC/USD pair has dropped below 50.
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Why It Matters: Weakening Technical Structure
The breakdown below the bullish trend line and the 100 hourly moving average marks a shift in short-term momentum. Both the MACD and RSI confirm growing bearish pressure.
Key support at $64,200 is now critical. If it fails, the next meaningful floor at $62,000 could be tested, a level where a break would signal further difficulty for any near-term recovery.
The $66,400 resistance — aligned with the 50% Fibonacci retracement — is the level bulls need to reclaim to reverse the current trajectory.
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