Bitcoin

Resistance

Bitcoin price failed to clear the $65,500 resistance. BTC is now moving lower and there are a few bearish signs emerging below the $63,500 level. 
<ul> 
 <li>Bitcoin started a fresh downside correction and traded below $63,500.</li> 
 <li>The price is trading below $63,350 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a major bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could extend losses and revisit the $60,000 support zone in the near term.</li> 
</ul> 
<h2 id="bitcoin-price-rejects-65-500">Bitcoin Price Rejects $65,500</h2> 
Bitcoin price extended its increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-uptrend-65500/" target="_blank" rel="noopener ">$64,500 level</a>. However, BTC struggled to clear the $65,500 resistance zone. A high was formed at $65,550 and the price is now correcting gains. 
There was a move below the $64,000 level. The price declined below the 23.6% Fib retracement level of the upward wave from the $56,380 swing low to the $65,550 high. Besides, there was a break below a major bullish trend line with support at $63,700 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading below $63,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-65k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $63,350 level. The first major resistance could be $64,000. The next key resistance could be $65,000. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_6b9599.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-606975" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_6b9599.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_6b9599.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_6b9599.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_6b9599.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_6b9599.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_6b9599.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_6b9599.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_6b9599.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 main hurdle is now at $65,500. A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,650. If there is a close above the $66,650 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,000. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,000 level. 
The first major support is $61,000 or the 50% Fib retracement level of the upward wave from the $56,380 swing low to the $65,550 high. If there is a close below $61,000, the price could start to drop toward $60,000. Any more losses might send the price toward the $58,000 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 – $62,000, followed by $60,000. 
Major Resistance Levels – $63,500, $64,000, and $65,500.

Bitcoin Price Dips Again, Is This A Fresh Bearish Signal?

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