Primary trend remains bearish
Bitcoin continues to trade within a broader downtrend despite the recovery from the July low. While the medium-term rally remains intact, the potential double top around $66,700 continues to cast a shadow over the chart.

Moving averages sending mixed signals
Price has pulled back into the 50-day EMA after once again finding resistance at the 100-day EMA. The 100/50-day EMAs remain bearishly crossed, reinforcing that the longer-term trend still favours the bears.

Critical support under pressure
The $61,300-$62,300 zone is now the key battleground. This area combines the July 6 swing low at $61,306 with the 0.618 Fibonacci retracement around $61,298, making it an important confluence of support.

Resistance remains overhead
The major weekly resistance around $66,000-$67,000 continues to cap rallies. Bulls will need to reclaim this zone to negate the potential double top and strengthen the medium-term recovery.

Momentum remains neutral
RSI continues to chop around the 50 level, reflecting a lack of directional momentum, while StochRSI has fallen into oversold territory. Volume also remains relatively neutral, suggesting neither side has taken decisive control.

In Summary
Bitcoin has reached a pivotal technical area, with the $61,300-$62,300 support zone likely to determine the next major move. A successful defence could allow bulls to form a double bottom and challenge the $66,000-$67,000 resistance once again. However, a decisive break below the July 6 swing low at $61,306 would strengthen the bearish case and increase the probability of a retest of the July low around $57,800.