Bitcoin

Resistance

Bitcoin price took a hit and even spiked below $60,000. BTC could gain bearish momentum if there is a daily close below the $60,000 support zone. 
<ul> 
 <li>Bitcoin started another decline and traded below the $61,200 zone.</li> 
 <li>The price is trading below $62,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $60,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could accelerate lower if it fails to recover above $60,400 and then $62,000 this week.</li> 
</ul> 
<h2 id="bitcoin-price-reaches-support">Bitcoin Price Reaches Support</h2> 
Bitcoin price started another decline below the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-bounces-back-64500/" target="_blank" rel="noopener ">$62,500 support level</a>. BTC dropped below the $61,200 level as the bears took control. They even managed to push the price below $60,000. 
A low was formed at $59,110 and the price is now consolidating losses. There was a minor increase above the $60,000 level and the 23.6% Fib retracement level of the recent decline from the $64,738 swing high to the $59,110 low. 
Bitcoin is now trading below $61,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-grinds-lower-62k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $60,400 level. There is also a connecting bearish trend line forming with resistance at $60,400 on the hourly chart of the BTC/USD pair. 
The first major resistance could be $61,200. The next key resistance could be $62,000 or the 50% Fib retracement level of the recent decline from the $64,738 swing high to the $59,110 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-605907" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin.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> 
A clear move above the $62,000 resistance might send the price higher. The next resistance now sits at $62,500. If there is a clear move above the $62,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $64,000. 
<h2 id="more-downsides-in-btc">More Downsides In BTC?</h2> 
If Bitcoin fails to rise above the $60,400 resistance zone, it could continue to move down. Immediate support on the downside is near the $59,500 level. 
The first major support is $59,100. If there is a close below $59,100, the price could start to drop toward $58,000. Any more losses might send the price toward the $56,400 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 – $59,500, followed by $59,100. 
Major Resistance Levels – $60,400, $61,200, and $62,000.

Bitcoin Price Nosedives, Can Bulls Save The Key Support at $60K?

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