Bitcoin price slid to a new weekly low after losing the $66,000 support, a technical break that matters because it signals weakening short-term conviction and leaves the market vulnerable to further downside pressure.
The move followed a failed attempt to stabilize above $66,500. Sellers pushed Bitcoin below $65,000, triggering a sharp extension lower before bids emerged near $63,351, the lowest level recorded during the session.
For context, Bitcoin often reacts aggressively around widely watched support levels. When those levels fail, short-term traders tend to exit quickly, while longer-term participants step back to reassess risk rather than rush to buy.
The market reaction has been cautious rather than panicked. Bitcoin rebounded modestly above $64,000, but the recovery stalled well below the 23.6 percent Fibonacci retracement of the decline from the $68,652 swing high to the $63,351 low.
At the time of writing, Bitcoin remains below $65,500 and under the 100-hour simple moving average. Technical data from Kraken shows a bearish trend line forming with resistance near $66,800 on the hourly BTC/USD chart.
From a market structure perspective, bulls now face layered resistance. The first test sits near $64,600, followed by $65,250. A decisive move above $66,000 would be needed to shift short-term momentum and challenge the descending trend line.
Momentum indicators suggest sellers still hold the advantage. The hourly MACD is gaining pace in bearish territory, while the Relative Strength Index has slipped below the 50 mark, a level often associated with fading upside strength.
Investor psychology reflects growing hesitation. Traders who bought recent breakouts are now underwater, making them more likely to sell into rebounds. At the same time, sidelined capital appears unwilling to re-enter until price reclaims lost support convincingly.
If upside attempts fail again near $65,250, downside risks remain active. Immediate support rests near $64,000, followed by $63,500 and $63,200. A deeper move could expose the $62,650 area, with $62,000 acting as the broader defensive line for bulls.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions
