Bitcoin

Resistance

Bitcoin price extended its decline below the $65,000 support. BTC is now struggling to stay above the $62,000 support zone and might test $60,000. 
<ul> 
 <li>Bitcoin price is moving lower below the $64,000 support zone.</li> 
 <li>The price is trading below $63,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $63,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a decent upward move if it clears the $65,200 resistance zone in the near term.</li> 
</ul> 
<h2 id="bitcoin-price-grinds-lower">Bitcoin Price Grinds Lower</h2> 
Bitcoin price remained in a short-term <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-at-risk-65k/" target="_blank" rel="noopener ">bearish zone</a> below the $66,500 zone. BTC traded below the $65,000 and $64,000 support levels to set a new weekly low. 
There was a push below the $62,500 support. A low was formed near $61,537 and the price is now consolidating losses. The price is now struggling below the 23.6% Fib retracement level of the recent decline from the $68,898 swing high to the $61,537 low. 
Bitcoin is now trading below $63,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-hits-support-65k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $63,300 level. There is also a connecting bearish trend line forming with resistance at $63,300 on the hourly chart of the BTC/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c68a68.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-598754" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c68a68.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c68a68.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c68a68.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c68a68.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c68a68.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c68a68.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c68a68.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c68a68.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> 
The first major resistance could be $64,000. If there is a clear move above the $64,000 resistance zone, the price could even attempt a move toward the $65,200 resistance zone. It is close to the 50% Fib retracement level of the recent decline from the $68,898 swing high to the $61,537 low. Any more gains might send the price toward the $67,000 level. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $63,300 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,000 level. 
The first major support is $61,500. The next support sits at $60,500. If there is a close below $60,500, the price could start a drop toward the $60,000 level. Any more losses might send the price toward the $58,800 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 – $61,500, followed by $60,000. 
Major Resistance Levels – $63,300, $64,000, and $65,200.

Bitcoin Price Turns Red Below $64K But Long-Term Uptrend Intact

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