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Bitcoin fails to hold above $65,500 as BTC slips on charts
BTC dipped below key moving averages on the 4-hour chart after a rejection near $65,500, with nearby support cited around $64,850.
Bitcoin attempted to settle above $65,500 against the US dollar but failed, according to Action Forex. After forming a high near $65,409, BTC started a fresh decline, including moves below $65,000 and $64,850, while trading below the 38.2% Fibonacci retracement of its prior upswing on the 4-hour chart.
The technical note also points to weakness below the 100 simple moving average and the 200 simple moving average on the 4-hour timeframe. It says that if selling continues, BTC could look for bids near the 61.8% Fibonacci retracement level at $63,420, and that a downside break and close below $63,420 could open the door to a sharper drop toward $62,000 or $61,200.
On the upside, the analysis flags resistance near $65,000, then $65,500 as the first major resistance, with higher levels cited at $66,800 and $68,800 if BTC can close above $66,800. It also says any further gains could eventually target $70,000.
The same technical update notes Ethereum is struggling near $1,920 to $1,950, while support is cited around $1,820. Action Forex also references a July 2026 year-over-year CPI estimate of 3.4% in its trading context.
Latest closeBitcoin $84,310.25 ▼0.1%|Ethereum $2,685.67 ▲0.0%