Bitcoin

Resistance

Bitcoin price extended losses and traded below the $62,500 zone. BTC is showing bearish signs and might turn bearish if it settles below $60,000. 
<ul> 
 <li>Bitcoin followed a bearish path and traded below $62,500.</li> 
 <li>The price is trading below $63,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $62,000 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-extends-decline">Bitcoin Price Extends Decline</h2> 
Bitcoin price struggled to stay above the $63,500 zone and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-63500/" target="_blank" rel="noopener ">extended losses</a>. There was a move below the $63,000 and $62,500 levels. The bears even pushed it below $61,200. 
A low was formed at $60,888 and the price is now consolidating losses. If there is a recovery wave, the price might struggle to clear the $62,000 resistance or the 23.6% Fib retracement level of the recent decline from the $65,500 swing high to the $60,888 low. 
There is also a connecting bearish trend line forming with resistance at $62,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $63,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-uptrend-65500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
Immediate resistance is near the $61,800 level. The first major resistance could be $62,000. The next key resistance could be $63,200 and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $65,500 swing high to the $60,888 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_922c21.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-607134" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_922c21.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_922c21.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_922c21.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_922c21.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_922c21.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_922c21.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_922c21.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_922c21.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 $63,800. A clear move above the $63,800 resistance might send the price higher. The next resistance now sits at $64,450. If there is a close above the $64,450 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,500. 
<h2 id="more-downsides-in-btc">More Downsides In BTC?</h2> 
If Bitcoin fails to climb above the $62,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,850 level. 
The first major support is $60,000. If there is a close below $60,000, the price could start to drop toward $58,000. Any more losses might send the price toward the $56,500 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 – $60,850, followed by $60,000. 
Major Resistance Levels – $62,000, $63,200, and $64,450.

Bitcoin Bears Keeps Pushing, Why BTC Could Turn Bearish Below $60K?

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