Bitcoin tests $66,500 as Zcash holds gains

• Bitcoin (CRYPTO:BTC) traded at US$64,656, approaching resistance near its US$66,500 200-day exponential moving average.
• Zcash (CRYPTO:ZEC) traded at US$520.33, up 2.95%, while remaining above its 50-day and 200-day averages.
• Decrypt’s analysis said neither asset has confirmed a stronger trend, with weak directional indicators across both charts.

Bitcoin (CRYPTO:BTC) traded at US$64,656, up 0.94%, as it approached technical resistance around US$66,500.

Bitcoin has stabilised between US$60,000 and US$67,000 after falling from nearly US$80,000 in May to about US$56,000 in June.

Decrypt’s analysis described Bitcoin’s move as a “recovery attempt, not a trend reversal,” with its 200-day average still acting as resistance.

Zcash (CRYPTO:ZEC) traded at US$520.33, up 2.95%, after reaching an intraday high of US$525 and low of US$502.98.

Decrypt said Bitcoin needs a daily close above US$66,500, while Zcash must clear US$525 to strengthen their respective recovery cases.

Zcash’s 50-day average stood at US$504.15, above its US$488.40 200-day average, maintaining a technical pattern known as a golden cross.

Zcash activated its Ironwood NU6.3 network upgrade on 28 July at block 3,428,143 before recovering from an initial price decline.