Bitcoin Tests ₱3,831,127 ($66,000) Support After Breaking Below ₱3,889,174 ($67,000)

Bitcoin broke below the $67,000 support level during its recent decline, spiking down to $66,800 before stabilizing. According to Kraken data, the price now trades below the $67,500 zone with immediate resistance forming at $67,400 on the hourly chart. That resistance level aligns with a declining channel pattern that Bitcoin must break through to signal a recovery.

The $67,200 support zone was breached during the selloff after Bitcoin formed a recent swing high at $68,418. Bitcoin moved above the 50% Fibonacci retracement level measured from the $68,418 high to a low of $65,650. Bulls tried pushing higher but stalled near the 61.8% Fib level around the $67,400 resistance zone.

If Bitcoin can close above $68,000, the next barriers sit at $68,800, $69,500, and the psychologically important $70,000 level. The $66,000 level now serves as major support. If Bitcoin holds above this zone, traders expect another attempt to break through overhead resistance and target fresh highs. A failure to defend $66,000 would expose support at $65,050, followed by $64,500 in the near term.

The current price action follows a volatile period that saw Bitcoin reach an October 2025 peak before declining more than 20% to start 2026. SkyBridge Capital CEO Anthony Scaramucci predicts Bitcoin will peak at $170,000 within the next year due to the ongoing growth cycle, while Bitwise Investments forecasts new all-time highs in 2026 driven by institutional adoption. The main support level to watch sits at $63,800 if selling pressure intensifies below current levels.