Bitcoin

Resistance

Bitcoin price is correcting gains from the $64,000 resistance. BTC might find strong support near the $59,250 level or the 100 hourly SMA. 
<ul> 
 <li>Bitcoin price is correcting gains below the $62,250 resistance zone.</li> 
 <li>The price is trading above $60,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a connecting bullish trend line with support at $62,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could correct lower toward $60,000 or even to the 100 hourly Simple moving average.</li> 
</ul> 
<h2 id="bitcoin-price-starts-correction">Bitcoin Price Starts Correction</h2> 
Bitcoin price extended its rally above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-uptrend-70k/" target="_blank" rel="noopener ">$62,000 resistance zone</a>. BTC even cleared the $63,200 level and tested the $64,000 zone. A new multi-week high was formed near $64,000 before the price started a downside correction. 
The price traded below the $62,000 support. There was a spike below the 50% Fib retracement level of the upward move from the $57,846 swing low to the $53,549 swing high. 
There was a break below a connecting bullish trend line with support at $62,850 on the hourly chart of the BTC/USD pair. Bitcoin is still trading above $60,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-58k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-590833" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
Immediate resistance is near the $62,200 level. The next key resistance could be $62,850, above which the price could rise toward the $64,000 resistance zone. If the bulls remain in action, the price could even surpass $64,000 and test $65,000. Any more gains might send the price toward the $68,000 zone. 
<h2 id="are-dips-limited-in-btc">Are Dips Limited In BTC?</h2> 
If Bitcoin fails to rise above the $62,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,000 level and the 61.8% Fib retracement level of the upward move from the $57,846 swing low to the $53,549 swing high. 
The first major support is $58,000 or the 100 hourly SMA. If there is a close below $58,000, the price could start a decent pullback toward the $56,500 zone. Any more losses might send the price toward the $55,000 support zone. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $60,000, followed by $58,000. 
Major Resistance Levels – $62,200, $62,850, and $64,000.

Bitcoin Price Turns Attractive On Dips, 100 SMA Is The Key

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