bullish

Bitcoin

Resistance

Bitcoin price started a downside correction from the $70,000 resistance. BTC is now correcting gains and might extend losses if it trades below $66,000. 
<ul> 
 <li>Bitcoin struggled near $70,000 and started a downside correction.</li> 
 <li>The price is trading below $68,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a key bullish trend line with support at $68,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might extend losses if it fails to stay above the $66,000 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-dips-again-from-70-000">Bitcoin Price Dips Again From $70,000</h2> 
Bitcoin price extended gains above the $68,500 resistance zone. BTC even spiked toward the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pump-70k/" target="_blank" rel="noopener ">$70,000 resistance zone</a>. However, it failed to stay near $70,000 and started a downside correction. 
There was a move below the $68,500 and $68,000 support levels. Besides, there was a break below a key bullish trend line with support at $68,620 on the hourly chart of the BTC/USD pair. The pair even declined below the $66,500 support zone. 
It tested the $66,000 zone. A low is formed at $66,063 and the price is now consolidating losses. Bitcoin price is trading below $68,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovers-65k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
On the upside, the price could face resistance near the $67,000 level. The first key resistance is near the $67,200 level or the 23.6% Fib retracement level of the downward move from the $69,985 swing high to the $66,036 low. A clear move above the $67,200 resistance might send the price further higher in the coming sessions. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-632159 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance could be $68,000 or the 50% Fib retracement level of the downward move from the $69,985 swing high to the $66,036 low. The next major hurdle sits at $68,500. A close above the $68,500 resistance might spark bullish moves. In the stated case, the price could rise and test the $70,000 resistance. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to recover above the $67,200 resistance zone, it could start another decline. Immediate support on the downside is near the $66,000 level. 
The first major support is $65,500. 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 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 – $66,000, followed by $65,500. 
Major Resistance Levels – $67,200, and $68,000.

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