Bitcoin

Resistance

Gains

Bitcoin price struggled below the $68,500 resistance zone. BTC is correcting gains and might decline further below the $65,500 support zone. 
<ul> 
 <li>Bitcoin started a correction wave from the $68,500 resistance zone.</li> 
 <li>The price is trading below $66,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a key bullish trend line with support at $67,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might extend losses and trade below the $65,500 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-holds-gains-above-67k">Bitcoin Price Holds Gains Above $67K</h2> 
Bitcoin price failed to stay above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-66k/" target="_blank" rel="noopener ">$66,500 and $67,000 resistance levels</a>. BTC extended its decline and traded below the $66,000 support level to move into a short-term bearish zone. 
There was a break below a key bullish trend line with support at $67,200 on the hourly chart of the BTC/USD pair. The pair even spiked below the $65,500 level. A low is formed at $65,458 and the price is now consolidating losses. It is trading below the 23.6% Fib retracement level of the recent decline from the $68,240 swing high to the $65,458 low. 
Bitcoin price is now trading below $66,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-regains-68k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. If there is a fresh increase, the price could face resistance near the $66,150 level. 
The first key resistance is near the $66,800 level and the 50% Fib retracement level of the recent decline from the $68,240 swing high to the $65,458 low. A clear move above the $66,800 resistance might spark another increase in the coming sessions. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_f50782.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-631240 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_f50782.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_f50782.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_f50782.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_f50782.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_f50782.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_f50782.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_f50782.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_f50782.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance could be $67,100. The next major hurdle sits at $67,200. A close above the $67,200 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 climb above the $67,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $65,500 level. 
The first major support is $65,080. The next support is now near $64,200. 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 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 – $65,500, followed by $65,000. 
Major Resistance Levels – $67,200, and $68,000.

Bitcoin Price Dips: Is This the Start of a Fresh Downside?

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