I accidentally hit the update password feature when selecting new password but didn’t take my new password , so is there a way to retrieve my old password back ?

Hello Acjkmac.

Thanks for reaching out to Apple Support Communities. If we understand correctly, you would like to know if it is possible to retrieve a password for an app or website after accidentally removing, and being removed from iCloud Keychain. We will be glad to assist. Unfortunately, this is not possible once the password is removed. You will need to reset the password for the app or website then update it in iCloud Keychain. Please see the following resource for more information on iCloud Keychain: How to find saved passwords on your iPhone

Cheers.