Bitcoin Rebound Remains Corrective as $66,000 Resistance Looms

Bitcoin's rebound from its late-June low remains corrective rather than the start of a confirmed bullish trend. According to CryptoRank, the price has recovered towards $64,750 but lacks the strength needed to overturn the previous decline.

The chart labels this recovery as an ABC correction, with wave A forming the first advance and wave B the following pullback. Bitcoin may still complete wave C higher, but that move would remain part of the correction unless price breaks major resistance and changes the larger structure.

Major resistance sits around $66,000, where earlier rebounds lost momentum. Above this, resistance near $69,000 and $72,000 looms large, while a descending trendline adds pressure in the same area.

A move into the $69,000-$72,000 region could complete the corrective rally before sellers return. However, a strong daily breakout above the trendline and sustained trading above $72,000 would weaken the bearish interpretation.