Bitcoin price analysis: BTC/USD loses momentum at the double top pattern; gains limited below $6,700

Bitcoin price is facing resistance at the 23.6% Fibonacci level, key resistance is at $6,700.
Short-term support is at the 100 SMA while $6,400 will prevent further declines.

John Isige FXStreet

Bitcoin price is making subtle downside corrections on Wednesday after trading a double top pattern as observed on the chart. BTC/USD is down 0.50% on Wednesday, besides the declines have pushed it below $6,500. The price has been edging higher since June 29, in addition to forming a bullish flag pattern supported at $6,300 which culminated in a brief sharp movement that breached the resistance at $6,600 but has been limited below $6,700.

There is a weak bullish trend forming at the time of writing, however, it will encounter resistance at the 23.6% Fib retracement level with last swing high of $6,781 and a swing low of $5,772. The upper supply zone is highlighted at $6,600, but the buyers will encounter high selling activity at $6,700, but a break above this level could see BTC/USD attacking the coveted $7,000.

On the flipside, the 100 Simple Moving Average is providing immediate support at $6,448.53. Similarly, a stronger support zone is present at $6,400 which also coincides with the 38.2% Fibonacci retracement level. Most of the technical indicators signal that the buyers are gaining strength in the medium term and Bitcoin price will continue to retrace higher as well.

BTC/USD 1-hour chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

XRP extends recovery as on-chain activity grows

Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).

Ethereum Price Forecast: ETH continues July uptrend with 20% rise after triggering buy signal

Ethereum (ETH) has gained 3% on Tuesday, extending its July gains above 20% after key on-chain indicators highlighted a resumption of buying activity. The strong performance so far in July comes a few days after ETH triggered the Market Value to Realized Value (MVRV) Buy signal. ETH has been up by roughly 22% since the signal.

Chainlink becomes top 20 best performer, 3 reasons behind the move

Chainlink (LINK) has become the best-performing asset in the top 20 this week, leading every other major cryptocurrency. The cryptocurrency jumped 10.18% to $8.71, its highest level since early June. Three major factors explain the double-digit rise over the past week.

Crypto Today: Bitcoin, Ethereum, XRP extend rebound amid returning institutional capital inflows

Cryptocurrency prices extend a broad recovery, led by Bitcoin (BTC), trading above $66,000 at the time of writing on Tuesday. Ethereum (ETH) remains bullish above $1,940, after logging four straight days of gains. Meanwhile, Ripple (XRP) hovers around $1.13, building on the reclaimed $1.10 critical level.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.