Bitcoin Price Faces Major Test at $66K Resistance

Bitcoin is showing signs of recovery following the June market dip, but it is currently hitting a wall. The price is stuck below the 100 day and 200 day moving averages, which keeps the overall trend leaning toward the downside for now. Traders are watching the $65,000 to $66,500 zone closely, as this area sits right at a long term trendline that has rejected previous price jumps.

On the 4 hour chart, Bitcoin is trading inside a rising channel. While buyers have managed to hold onto higher lows lately, the coin is now testing the upper edge of that channel. If Bitcoin can break through the $66,500 resistance, it could clear the path to test the $72,000 range. If it fails to break through, the price may drop back to support levels between $58,000 and $60,000.

Market data shows that many recent buyers are still holding at a loss. The cost basis for people who bought in the last few months sits near $70,000, which is currently above the market price. This suggests that the current movement is still a relief rally rather than a full market turnaround. Watching how the price reacts to the $61,000 support level over the coming days will be key to understanding the next move.