Bitcoin

Resistance

Bitcoin price struggled to settle above the $65,000 zone. BTC is again moving lower and there is a risk of more downsides below $62,000. 
<ul> 
 <li>Bitcoin started another decline after it failed to surpass the $64,000 resistance zone.</li> 
 <li>The price is trading below $64,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance at $63,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could accelerate lower if there is a daily close below the $62,400 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-dives-again">Bitcoin Price Dives Again</h2> 
Bitcoin price attempted a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-turns-red-63k/" target="_blank" rel="noopener ">fresh increase</a> above the $64,000 zone. However, BTC failed to gain pace for a move above the $65,000 resistance zone. A high was formed at $64,301 and the price started another decline. 
There was a move below the $63,800 level. The price declined below the 50% Fib retracement level of the upward move from the $62,408 swing low to the $64,301 high. Bitcoin is now trading below $63,200 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-trims-gains-63500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
There is also a key bearish trend line forming with resistance at $63,350 on the hourly chart of the BTC/USD pair. The pair is signalling a bearish bias below the 76.4% Fib retracement level of the upward move from the $62,408 swing low to the $64,301 high. 
Immediate resistance is near the $63,350 level or the trend line. The first major resistance could be $64,000 or $64,300. A clear move above the $64,300 resistance might send the price higher. The next resistance now sits at $65,000. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_9ee4dd.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-605510" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_9ee4dd.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_9ee4dd.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_9ee4dd.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_9ee4dd.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_9ee4dd.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_9ee4dd.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_9ee4dd.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_9ee4dd.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> 
If there is a clear move above the $65,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,500. The next major resistance is near the $66,200 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 $63,350 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,400 level. 
The first major support is $62,000. If there is a close below $62,000, the price could start to drop toward $61,200. 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 – $62,400, followed by $62,000. 
Major Resistance Levels – $63,350, $64,000, and $65,000.

Bitcoin Price Grinds Lower As Bears Aim For New Monthly Low

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