Bitcoin

Resistance

Bitcoin price is showing bearish signs below the $63,000 resistance zone. BTC must stay above the $60,000 support zone to avoid a major decline. 
<ul> 
 <li>Bitcoin is still struggling to start a recovery wave above the $63,000 resistance zone.</li> 
 <li>The price is trading below $62,800 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a connecting bullish trend line with support at $62,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could gain bearish momentum if it settles below the $60,000 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-struggle-continues">Bitcoin Price Struggle Continues</h2> 
Bitcoin price started another increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-at-break-moment-60k/" target="_blank" rel="noopener ">$61,500 resistance zone</a>. BTC cleared the $62,500 and $63,000 resistance levels. It even spiked above $64,000 but failed to surpass the key level at $65,000. 
A high was formed at $64,142 before there was a sharp decline. There was a break below a connecting bullish trend line with support at $62,400 on the hourly chart of the BTC/USD pair. It dived below the $60,800 level and retested $59,650. 
A low was formed near $59,666 and the price is now attempting a fresh recovery wave. The price climbed above the 23.6% Fib retracement level of the recent decline from the $64,142 swing high to the $59,666 low. 
Bitcoin price is trading below $62,800 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-65k-2/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $62,000 level. It is close to the 50% Fib retracement level of the recent decline from the $64,142 swing high to the $59,666 low. 
The first major resistance could be $63,000. The next resistance now sits at $64,200. If there is a clear move above the $64,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_4ca8bd.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-603970" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_4ca8bd.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_4ca8bd.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_4ca8bd.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_4ca8bd.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_4ca8bd.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_4ca8bd.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_4ca8bd.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_4ca8bd.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 $66,500 zone. Any more gains might send Bitcoin toward the $67,500 resistance zone in the near term. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $62,000 resistance zone, it could start another decline. Immediate support on the downside is near the $60,800 level. 
The first major support is $60,000. If there is a close below $60,000, the price could start to drop toward the $59,550 level. Any more losses might send the price toward the $58,500 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 – $60,800, followed by $60,000. 
Major Resistance Levels – $62,000, $63,000, and $64,200.

Bitcoin Price Still At Risk of Major Downside Break Below $60K

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