Bitcoin price ping-pongs between $65.000 and $66.000

The Bitcoin price is currently stuck in a narrow range, fluctuating between $65.000 and $66.000. Technical analyst Timeless Crypto highlights a crucial zone that will determine whether Bitcoin can move higher or decline. The price currently stands at $65.000, a decline of 1.0% over the past 24 hours.

Bitcoin is available at OKX and Bybit.

Resistance at $66.000 causes pullback

According to Timeless Crypto, Bitcoin held up relatively well this week compared to other risky assets. Yet that is no guarantee that the price is immune to further downside risk. At $66.000, Bitcoin runs into a strong resistance zone formed by the 2024 VWAP and the June Volume Area High (VAH).

At that level, reflexive sellers stepped in, leading to the pullback now visible on the chart. The green line on the chart shows the price reversing around the top of that zone and falling back toward the current level.

$65.000 is the key for the further direction

At the moment, Bitcoin is around the monthly VAH of $65.000, which forms an important support level. The analyst states that bulls must defend this level to make another attempt at higher prices. If they fail, a drop toward the monthly VWAP, visible as the blue line on the chart, which lies much lower, threatens.

For bears, a break below $65.000 is precisely what they want to see. That would open the door to that lower VWAP level. As long as Bitcoin stays above $65.000, bulls remain in control and another attack on $66.000 and higher remains theoretically possible. The coming hours and days will therefore be decisive for the direction of the market.