Bitcoin

Resistance

Bitcoin price extended its increase above the $64,000 resistance. BTC is now holding gains above $62,800 and might aim for more upsides. 
<ul> 
 <li>Bitcoin traded to a new weekly high at $65,500 before there was a downside correction.</li> 
 <li>The price is trading above $63,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $63,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could aim for more upsides if it clears the $64,500 and $65,500 resistance levels.</li> 
</ul> 
<h2 id="bitcoin-price-aims-higher">Bitcoin Price Aims Higher</h2> 
Bitcoin price remained <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-65k/" target="_blank" rel="noopener ">well-bid above the $62,500 support zone</a> and extended its increase. BTC was able to clear the $64,500 resistance. It even cleared $65,000 and tested $65,500. 
A high was formed at $65,550 and the price is now correcting gains. There was a minor decline below the $64,000 level. The price tested the 23.6% Fib retracement level of the upward move from the $56,380 swing low to the $65,550 high. 
However, the bulls are active near the $63,000 zone. There is also a key bullish trend line forming with support at $63,350 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading above $63,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-60k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $64,500 level. The first major resistance could be $65,000. The next key resistance could be $65,500. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_9bef68.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-606824" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_9bef68.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_9bef68.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_9bef68.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_9bef68.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_9bef68.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_9bef68.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_9bef68.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_9bef68.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 $65,500 resistance might send the price higher. The next resistance now sits at $67,200. If there is a clear move above the $67,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,800. 
<h2 id="another-drop-in-btc">Another Drop In BTC?</h2> 
If Bitcoin fails to rise above the $65,500 resistance zone, it could start another decline. Immediate support on the downside is near the $63,350 level and the trend line. 
The first major support is $62,800. If there is a close below $62,800, the price could start to drop toward the 50% Fib retracement level of the upward move from the $56,380 swing low to the $65,550 high at $60,800. 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 bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. 
Major Support Levels – $63,350, followed by $62,800. 
Major Resistance Levels – $64,500, $65,000, and $65,500.

Bitcoin Price Signals Uptrend Continuation But Patience Is The Key

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