Key Highlights
- Bitcoin faced a few rejections near $65,500.
- There was a move below a bullish trend line with support at $64,850 on the 4-hour chart of BTC/USD.
- Ethereum also struggled above $1,920 and trimmed gains.
- The US Consumer Price Index could increase by 3.4% in July 2026 (YoY).
Bitcoin Price Technical Analysis
Bitcoin price made another attempt to settle above $65,500 against the US Dollar but failed. BTC started a fresh decline, but losses were limited.
Looking at the 4-hour chart, the price formed a high near $65,409 and started a fresh decline. There was a move below $65,000 and $64,850. The price traded below the 38.2% Fib retracement level of the upward move from the $62,194 swing low to the $65,409 high.
BTC spiked below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). If the bears remain in action, the price might find bids near the 61.8% Fib retracement level at $63,420.
