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Bitcoin retreats after failing to break above $65,500 ahead of Fed

BTC slipped from a $65,688 high to below $65,000, while Ethereum struggled above $1,920 before facing renewed downside pressure.

Reported · Written up by our desk · Market Structure

Bitcoin tried to push higher versus the US dollar, but failed to sustain gains above $65,500 and trimmed most of its advance after a move below $65,000. The latest attempt stalled after forming a high near $65,688, followed by a fresh decline.

On the 4-hour chart, BTC broke down through key technical levels, including settling below the 76.4% Fib retracement of the prior upswing from $63,647 to $65,688. It also moved below the 100 simple moving average and tested the 200 simple moving average, with the next downside area cited around the 1.236 Fib extension at $62,385.

The material laid out a bearish path if BTC breaks down further, noting a close below $62,385 could open the door to a sharper selloff toward $61,200 or even $60,500. On the upside, immediate resistance was identified at $64,200, then $64,500 along a bearish trend line, with $65,650 flagged as the main resistance.

Ethereum also pulled back, trimming gains after struggling above $1,920. The analysis suggested bears may target a drop below $1,820, and it framed the moves as unfolding ahead of a scheduled Fed interest rate decision, with the market forecast calling for no change from 3.75%.

Latest closeBitcoin $84,310.25 ▼0.1%|Ethereum $2,685.67 ▲0.0%

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