bullish

Bitcoin

Resistance

Bitcoin price extended losses and tested the $65,500 support zone. BTC is now consolidating and might aim for a fresh increase if it clears $66,500. 
<ul> 
 <li>Bitcoin tested the $65,500 level and is attempting a recovery wave.</li> 
 <li>The price is trading below $68,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might start a fresh increase if it clears the $66,500 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-revisits-support">Bitcoin Price Revisits Support</h2> 
Bitcoin price extended losses below the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pulls-back-70k/" target="_blank" rel="noopener ">$66,500 support zone</a>. BTC even spiked below the $66,000 and $65,500 levels. A low is formed near $65,337 and the price is now consolidating losses. 
It recovered above the $66,000 level and tested the 23.6% Fib retracement level of the downward move from the $69,985 swing high to the $65,337 low. However, the price is now struggling to clear the $66,500 resistance zone. There is also a connecting bearish trend line forming with resistance at $66,400 on the hourly chart of the BTC/USD pair. 
Bitcoin price is trading below $68,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pump-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, the price could face resistance near the $66,400 level. The first key resistance is near the $66,500 level. 
A clear move above the $66,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $67,650 or the 50% Fib retracement level of the downward move from the $69,985 swing high to the $65,337 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d9c7bf.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-632401 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d9c7bf.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d9c7bf.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d9c7bf.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d9c7bf.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d9c7bf.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d9c7bf.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d9c7bf.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d9c7bf.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next major hurdle sits at $68,200. A close above the $68,200 resistance might spark bullish moves. In the stated case, the price could rise and test the $70,000 resistance. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to recover above the $66,500 resistance zone, it could start another decline. Immediate support on the downside is near the $66,000 level. 
The first major support is $65,350. The next support is now near $65,000. Any more losses might send the price toward the $63,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $66,000, followed by $65,350. 
Major Resistance Levels – $66,500, and $67,650.

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