Bitcoin's price has taken a significant hit, plummeting below the $67,500 support zone. The cryptocurrency is now attempting a recovery wave, but the upside might be limited above the $68,500 level.

Bitcoin's Decline

Bitcoin's price started another decline below the $68,500 support zone, trading below $68,000 and the 100 hourly Simple moving average. The price tested the $66,000 support zone, forming a low at $66,059. Bitcoin is now consolidating losses above the 23.6% Fib retracement level of the downward move from the $70,143 swing high to the $66,059 low.

Resistance and Support

On the upside, Bitcoin is facing resistance near the $67,600 level. The first major resistance could be $68,000 and the 50% Fib retracement level of the downward move from the $70,143 swing high to the $66,059 low. The next key resistance could be $68,500, with a connecting bearish trend line forming with resistance at $68,650 on the hourly chart of the BTC/USD pair.

Fed Decision Impact

If Bitcoin fails to climb above the $68,500 resistance zone, it could start another decline. Immediate support on the downside is near the $66,700 level. The first major support is $66,200, followed by $66,000. Any more losses might send the price toward the $65,500 support zone in the near term.

Technical Indicators

The hourly MACD is now losing pace in the bearish zone, while the RSI for BTC/USD is below the 50 level.