Bitcoin

Resistance

Bitcoin price found support at $61,800 and recovered higher. BTC jumped to $64,500 and is currently consolidating gains above $63,500. 
<ul> 
 <li>Bitcoin started another increase after it found support near the $61,800 zone.</li> 
 <li>The price is trading above $63,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $63,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair must stay above the $63,200 support zone to continue higher in the near term.</li> 
</ul> 
<h2 id="bitcoin-price-holds-ground">Bitcoin Price Holds Ground</h2> 
Bitcoin price started another decline below the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-grinds-lower-62k/" target="_blank" rel="noopener ">$63,500 pivot level</a>. BTC dropped below the $62,000 level before the bulls emerged. A low was formed at $61,774 and the price started a recovery wave. 
There was a move above the $62,500 and $63,500 resistance levels. Besides, there was a break above a key bearish trend line with resistance at $63,250 on the hourly chart of the BTC/USD pair. The pair even spiked above $64,500 and tested $64,750. 
A high was formed at $64,738 and the price started a downside correction. There was a move below the $64,000 level. The price tested the 50% Fib retracement level of the upward move from the $61,774 swing low to the $64,738 high. 
Bitcoin is now trading above $63,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-turns-red-63k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $64,000 level. The first major resistance could be $64,500 or $64,750. A clear move above the $64,750 resistance might send the price higher. The next resistance now sits at $65,500. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2dc7d8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-605711" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2dc7d8.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2dc7d8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2dc7d8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2dc7d8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2dc7d8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2dc7d8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2dc7d8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2dc7d8.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 $65,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $66,200. The next major resistance is near the $68,000 zone. Any more gains might send Bitcoin toward the $70,000 resistance zone in the near term. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $64,750 resistance zone, it could continue to move down. Immediate support on the downside is near the $63,500 level. 
The first major support is $63,000. If there is a close below $63,000, the price could start to drop toward $61,750. Any more losses might send the price toward the $61,200 support zone in the near term. 
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 above the 50 level. 
Major Support Levels – $63,500, followed by $63,000. 
Major Resistance Levels – $64,000, $64,500, and $65,500.

Bitcoin Price Bounces Back To $64,500 But Is It Enough To Avoid Drop?

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