Bitcoin

Resistance

Bitcoin price failed to continue higher above the $63,650 resistance zone. BTC is now correcting gains and might revisit the $60,850 support. 
<ul> 
 <li>Bitcoin started a downside correction from the $63,650 resistance zone.</li> 
 <li>The price is trading below $62,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might struggle to start a fresh increase above the $62,250 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-dips-again">Bitcoin Price Dips Again</h2> 
Bitcoin price struggled to extend gains above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-challenge-63650/" target="_blank" rel="noopener ">$63,650 and $63,800 resistance levels</a>. A high was formed at $63,798 and the price started a downside correction. 
The price declined below the $63,000 level. The bears were able to push it below the $62,500 level and the 100 hourly Simple moving average. There was also a move below the 50% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high. 
Bitcoin price is now trading below $62,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-spikes-63500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair. 
The bulls are now trying to protect the $61,400 zone and the 61.8% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high. If there is another increase, the price could face resistance near the $61,850 level and the trend line. 
The first key resistance is near the $62,250 level. The next key resistance could be $62,500. A clear move above the $62,500 resistance might start a steady increase and send the price higher. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_99759e.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-627542 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_99759e.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_99759e.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_99759e.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_99759e.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_99759e.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_99759e.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_99759e.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_99759e.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
In the stated case, the price could rise and test the $63,250 resistance. Any more gains might send BTC toward the $63,650 resistance in the near term. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $62,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,400 level. 
The first major support is $60,850. The next support is now forming near $60,500. Any more losses might send the price toward the $60,000 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $61,400, followed by $60,850. 
Major Resistance Levels – $62,250, and $62,500.

Bitcoin Price Takes a Step Back: Analyzing The Recent Correction

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