Bitcoin

Resistance

Bitcoin price found support near the $60,600 zone. BTC is recovering but the bears might remain active near the $63,200 resistance zone. 
<ul> 
 <li>Bitcoin tested the $60,60 support zone and started a recovery wave.</li> 
 <li>The price is trading near $63,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $62,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could gain bullish momentum if there is a close above $63,200 and the 100 hourly Simple moving average.</li> 
</ul> 
<h2 id="bitcoin-price-starts-recovery">Bitcoin Price Starts Recovery</h2> 
Bitcoin price <a href="https://www.newsbtc.com/analysis/btc/bitcoin-bears-pushing-60k/" target="_blank" rel="noopener ">extended losses</a> below the $62,000 and $61,200 levels. Finally, the bulls appeared near the $60,600 zone. A low was formed at $60,650 and the price is now correcting losses. 
There was a move above the $61,200 and $62,000 resistance levels. The price cleared the 23.6% Fib retracement level of the recent drop from the $65,500 swing high to the $60,650 low. Besides, there was a break above a key bearish trend line with resistance at $62,000 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading near $63,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-63500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $63,000 level. The first major resistance could be $63,200 or the 50% Fib retracement level of the recent drop from the $65,500 swing high to the $60,650 low or the 100 hourly Simple moving average. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_180cb1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-607321" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_180cb1.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_180cb1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_180cb1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_180cb1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_180cb1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_180cb1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_180cb1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_180cb1.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 next key resistance could be $64,350. A clear move above the $64,350 resistance might send the price higher. The main resistance now sits at $65,500. If there is a close above the $65,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,500. 
<h2 id="more-downsides-in-btc">More Downsides In BTC?</h2> 
If Bitcoin fails to climb above the $63,200 resistance zone, it could start another decline. Immediate support on the downside is near the $62,400 level. 
The first major support is $62,000. If there is a close below $62,000, the price could start to drop toward $61,200. Any more losses might send the price toward the $60,600 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 above the 50 level. 
Major Support Levels – $62,000, followed by $60,600. 
Major Resistance Levels – $63,000, $63,200, and $64,350.

Bitcoin Price Is Showing Early Signs of Recovery But 100 SMA Is The Key

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