Bitcoin

Momentum

Resistance

Gains

Bitcoin price started another decline below the $66,500 level. BTC is gaining bearish momentum and might revisit the $63,200 support. 
<ul> 
 <li>Bitcoin started a fresh decline from the $68,500 resistance zone.</li> 
 <li>The price is trading below $65,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a key bullish trend line with support at $66,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might extend losses and trade toward the $63,200 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-gains-bearish-momentum">Bitcoin Price Gains Bearish Momentum</h2> 
Bitcoin price failed to hold gains above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-65500/" target="_blank" rel="noopener ">$66,500 support level</a>. BTC started another decline and traded below the $66,000 support zone. There was a move below the 50% Fib retracement level of the upward move from the $63,225 swing low to the $68,313 high. 
Besides, there was a break below a key bullish trend line with support at $66,000 on the hourly chart of the BTC/USD pair. The pair is now accelerating lower below the $65,000 level. 
Bitcoin price is now trading below $66,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-66k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. It is also below the 76.4% Fib retracement level of the upward move from the $63,225 swing low to the $68,313 high. If there is a recovery wave, the price could face resistance near the $65,200 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d86ebe.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-631418 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d86ebe.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d86ebe.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d86ebe.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d86ebe.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d86ebe.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d86ebe.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d86ebe.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d86ebe.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first key resistance is near the $65,500 level. A clear move above the $65,500 resistance might spark another increase in the coming sessions. The next key resistance could be $66,200. The next major hurdle sits at $66,800 and the 100 hourly Simple moving average. A close above the $66,800 resistance might push the price further higher. In the stated case, the price could rise and test the $68,000 resistance. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to recover above the $65,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,000 level. 
The first major support is $63,200. The next support is now near $62,500. Any more losses might send the price toward the $61,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $64,000, followed by $63,200. 
Major Resistance Levels – $65,500, and $66,800.

Bitcoin Price Falls Again: Is Bearish Momentum Returning?

Съдържание

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