Bitcoin rejected at $66K resistance as rally stalls below key level

Bitcoin fell to $64,944 after sellers rejected a test of the $66,000 resistance level during the Asian session on July 16, halting the recent upward move.

"The 14-day RSI at 43.82 leaves room for further downside before reaching oversold territory, while the Fear & Greed Index at 19 shows extreme bearishness," according to TradingView and Alternative.me data.

Bitcoin's 24-hour trading volume reached $52.53 billion, 7% above the daily average, as the rejection triggered long liquidations across major exchanges. The asset's market capitalization stands at $1.42 trillion, with a circulating supply of 20 million BTC.

If sellers push below $61,351, the next support sits at $58,028, a level not tested since February. A hold above $65,784 could reignite the rally toward the 50-day SMA at $67,794.

The rejection at $66,000 marks the second failed attempt to breach that level in July, following a similar rejection on July 3. Bitcoin's 50-day SMA at $67,794 and 200-day SMA at $75,112 both sit above the current price, confirming a bearish near-term structure despite a bullish longer-term setup. The broader cryptocurrency market tracked Bitcoin lower, with Ethereum falling 2.3% to $3,412 and the CoinDesk 20 Index declining 1.8%.

This article is for informational purposes only and does not constitute investment advice.