**Bitcoin (BTC/USD) – Daily Technical Analysis for BITSTAMP:BTCUSD by FX_TRADER_87
**Market Structure** Bitcoin is currently trading around **$62,984** on the daily chart. The broader structure remains **bearish-to-neutral** after the major decline from the **$82,500 area** in May. After the sharp June sell-off toward **$59,000–$60,000**, BTC entered a consolidation phase and subsequently recovered toward the **$65,000–$66,000 resistance zone**. However, price has repeatedly struggled to establish a sustained breakout above this area. The key technical feature is the …
**Market Structure**Bitcoin is currently trading around **$62,984** on the daily chart. The broader structure remains **bearish-to-neutral** after the major decline from the **$82,500 area** in May. After the sharp June sell-off toward **$59,000–$60,000**, BTC entered a consolidation phase and subsequently recovered toward the **$65,000–$66,000 resistance zone**. However, price has repeatedly struggled to establish a sustained breakout above this area. The key technical feature is the formation of a **lower high beneath the previous major swing high**, which keeps the medium-term structure vulnerable to another downside move. **Key Resistance Zone: $64,800–$66,000**The highlighted purple zone represents the primary resistance/supply area. A move into this region could attract sellers because:* Previous price action shows repeated rejection around **$65K–$66K**. * The recovery from the June low has not produced a convincing higher-high structure. * Price is currently trading below the resistance zone, suggesting sellers still have control of the upper range. A decisive **daily close above approximately $66,000–$66,500**, followed by successful retesting of that zone as support, would weaken the bearish thesis. **Bearish Scenario**The chart suggests a potential **short/rejection setup** if BTC retests the resistance zone and fails to break through it. The sequence would be:**Resistance retest → rejection → loss of $62K → breakdown toward $60K/$58K → potential continuation toward $53K–$54K. **The projected target around **$53,000–$54,000** corresponds with the highlighted support/target region on the chart and represents a significant downside move from the current price. **Important Support Levels**| Level | Technical significance || --------------- | --------------------------------------- || **$65K–$66K** | Major resistance / supply || **$62K–$63K** | Current price / near-term pivot || **$60K** | Major psychological & technical support || **$57. 5K–$58K** | Intermediate support || **$53K–$54K** | Major downside target/support zone |**Bullish Invalidation**The bearish setup becomes significantly weaker if Bitcoin:1. Breaks decisively above **$66K**,2. Closes above the resistance zone on the daily timeframe, and3. Holds **$65K–$66K as new support** on a retest. If that occurs, the market could transition from a rejection setup into a bullish continuation structure, with the next upside objective potentially being the **$68K–$70K area** before considering higher levels. **Professional Bias****Current bias: Bearish below $66K. **The chart currently favors **selling pressure on rallies rather than chasing long positions**, provided BTC continues to reject the **$65K–$66K supply zone**. The most important confirmation would be a sustained break below **$60K**, which would strengthen the case for a move toward the **$53K–$54K target zone**. **Key takeaway:**> **BTC is trapped beneath major daily resistance. A rejection from $65K–$66K followed by a break of $60K would significantly strengthen the bearish continuation scenario toward $53K–$54K. Conversely, a confirmed daily breakout and retest above $66K would invalidate the immediate bearish structure. **DisclaimerThe information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in theTerms of Use.