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 noreferrer nofollow">$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 noreferrer nofollow">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" rel="noopener noreferrer nofollow"><img fetchpriority="high" 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" loading="lazy" 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.

Bitcoin Price Eyes Fresh Gains: Can BTC Climb Again?

Table of Contents

NewsBTC

Outros artigos publicados em 31 de jul. de 2024

DraftKings kills NFT business, citing 'legal developments’

Liquidium Starts Letting Users Borrow Bitcoin Liquidity Using Ordinals & Runes As Collateral

MOG Coin Heading For Another ATH: With 50% Growth Ahead?

Shiba Inu’s Burn Rate Surge Isn’t Enough To Increase Its Price, Experts Suggest The New Crypto Mo...

Bitcoin Cash Surges 12%, Analysts Forecast An Additional 25% Gain

Ethereum vs. Bitcoin: Why ETH Could See Larger Fluctuations Soon, QCP Reveals

Join our free newsletter for daily crypto updates!