Bitcoin remained under pressure on Monday, trading close to $63,000 as multiple failed attempts to surpass the $65,000 mark kept the leading cryptocurrency within a narrow range. Analysts identified $65,000 as a significant resistance level that has repeatedly halted upward momentum over recent sessions.
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AAPLKey resistance holds, buyers lose momentum
Recent technical analysis from Daan Crypto Trades, a well-followed digital asset analyst, pointed to the persistence of the $65,000 resistance zone. He noted that buyers have not yet managed to regain control of the market, while equities have continued to outperform cryptocurrencies.
Bitcoin’s weekly chart currently displays the coin trading near $63,000, after yet another rejection at the $65,000 level. Historically, rallies have lost steam around this price point, creating a significant barrier for bullish market participants.
A broader resistance zone exists in the $72,000 to $74,000 range, which has previously served as both a support and resistance area during prior cycles. Analysts believe that clearing this upper region would signal a robust rebuilding of Bitcoin’s bullish structure.
Until a sustained breakout occurs, Bitcoin remains trapped beneath key technical thresholds and could face renewed selling pressure if buyers do not manage to drive the price above resistance.
On the downside, the 0.618 Fibonacci retracement level near $57,825 represents the most prominent support on the current chart. A slide below this area could weaken the ongoing recovery effort and expose Bitcoin to a deeper pullback.
Daan Crypto Trades continues to accumulate Bitcoin cautiously, keeping extra capital on hand for further dips, and does not see a scenario where Bitcoin trades substantially below $40,000 unless an unexpected market shock takes place.
Analysts agree that for the near-term outlook to improve, Bitcoin needs to reclaim $65,000 and then break through the upper $72,000-$74,000 barrier to confirm a clear bullish reversal. Conversely, a breakdown below the $57,825 support may trigger additional losses.
Support and resistance levels define trading outlook
Bitcoin currently sits within a well-defined price range, with traders watching for a decisive move in either direction. EliZ, another prominent cryptocurrency trader, identified $60,000-$61,000 as key support and $65,000-$66,000 as primary resistance zones to monitor.
On the 12-hour BTC/USDT chart, Bitcoin hovers around $62,736, putting it roughly halfway between these two technical boundaries. This middle area is vulnerable to false moves and uncertain direction, making it less attractive for active trading.
The same chart indicates that Bitcoin has recently dipped below a rising trendline that had guided its rebound from the late June low, which weakens the short-term technical structure but does not yet represent a full break of support.
EliZ is waiting for Bitcoin to test one of the range edges before considering a trade. Near $60,000-$61,000, a quick drop below and subsequent recovery might indicate that sellers cannot sustain downward pressure. On the other hand, failing to reclaim this level after a breakdown would reinforce the bearish pattern.
Similarly, surpassing the $65,000-$66,000 resistance—especially if Bitcoin manages to hold the level on a retest—would signal a potential shift to bullish momentum. However, a descending trendline in the vicinity adds to the resistance ahead.
A clear move near either $60,000-$61,000 or $65,000-$66,000 is seen as necessary for a more definitive signal regarding Bitcoin’s next direction.
Until such a move unfolds, many traders expect continued choppy trading in the middle of the current range as they await further clarity.
| Support level | Current price | Resistance level |
|---|---|---|
| $57,825 (Fibonacci) / $60,000-$61,000 | $63,000 | $65,000-$66,000 / $72,000-$74,000 |
Mini dictionary: Daan Crypto Trades and EliZ are independent cryptocurrency analysts known for sharing technical analysis and trading strategies on social media platforms, particularly X (formerly Twitter).
