Bitcoin

Resistance

Bitcoin price extended its decline below the $65,000 support zone. BTC is now consolidating losses and might attempt a recovery wave toward $67,000. 
<ul> 
 <li>Bitcoin price declined further below the $65,500 and $65,000 levels.</li> 
 <li>The price is trading below $67,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance near $67,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could recover but the bears might remain active near $67,000.</li> 
</ul> 
<h2 id="bitcoin-price-drops-further">Bitcoin Price Drops Further</h2> 
Bitcoin price turned red after it broke the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dumped-to-66k/" target="_blank" rel="noopener ">$68,000 support zone</a>. BTC extended its decline below the $65,500 and $65,000 levels. Finally, it tested the $64,500 region. 
A low was formed near $64,572 and the price is now consolidating losses. There was a move above the $65,000 level. The price even tested the 23.6% Fib retracement level of the downward move from the $71,306 swing high to the $64,572 low. 
Bitcoin is now trading below $67,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-70k-2/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bearish trend line forming with resistance near $67,200 on the hourly chart of the BTC/USD. 
Immediate resistance is near the $66,000 level. The first major resistance could be $67,200 and the trend line. If there is a clear move above the $67,200 resistance zone, the price could start a fresh increase. In the stated case, the price could rise toward the 50% Fib retracement level of the downward move from the $71,306 swing high to the $64,572 low at $67,950. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_bab0e8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-601106" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_bab0e8.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_bab0e8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_bab0e8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_bab0e8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_bab0e8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_bab0e8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_bab0e8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_bab0e8.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 next major resistance is near the $68,500 zone. Any more gains might send Bitcoin toward the $70,000 resistance zone in the near term. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $67,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $65,200 level. 
The first major support is $64,500. The next support sits at $64,000. If there is a close below $64,000, the price could start a drop toward the $62,500 level. Any more losses might send the price toward the $60,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $65,200, followed by $64,500. 
Major Resistance Levels – $66,000, $67,200, and $67,950.

Bitcoin Price Consolidates Losses But Recovery Could Face Hurdles

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