Bitcoin price failed to settle above $65,000 against the US Dollar.
There was a major decline below the $65,000 support level and the 100 hourly simple moving average.
Besides, there was a break below a major rising channel with support near $64,400 on the hourly chart of the BTC/USD pair.
It is close to the 23.6% Fib retracement level of the recent decline from the $66,349 swing high to $61,126 low.
A clear break above $62,400 resistance may possibly call open the doors for a steady recovery.
If bitcoin fails to recover above the $63,000 resistance zone, it could extend decline.
The first major support is now forming near the $61,000 level.
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