**Bitcoin (BTC/USD) – Daily Technical AnalysisBitcoin / U.S. dollarBITSTAMP:BTCUSDFX_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 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, and 3. 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.**