Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-key-resistance-and-support-levels/" data-wpel-link="internal">Bitcoin Faces Key Resistance and Support Levels</a><br></p>
<p style="text-align: justify">Bitcoin price started a new decline from the $62,000 resistance zone and is now under the risk of further losses below the $60,000 level. While the cryptocurrency <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">markets</a> have been volatile recently, several factors increasing pressure on the BTC/USD pair should be considered. As <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a>, which levels should we watch?</p> 
<h2 style="text-align: justify" id="investor-pressure-in-bitcoin">Investor Pressure in Bitcoin</h2> 
<p style="text-align: justify">Firstly, Bitcoin’s failed attempts around the $62,000 level have increased selling pressure from investors. The price is trading below $61,000 and the 100-hour simple moving average, showing signs of weakness in the short-term outlook.</p> 
<p style="text-align: justify">In particular, a breakdown below the bear flag formation around $60,950 on the hourly chart of the BTC/USD pair indicates that the downtrend may continue, and a close below the $60,000 level could lead to further downward momentum.</p> 
<h2 style="text-align: justify" id="challenges-ahead-for-btc-price">Challenges Ahead for BTC Price</h2> 
<p style="text-align: justify">In <a href="https://en.coin-turk.com/polkadot-dot-faces-a-challenging-market-as-death-cross-emerges/" data-wpel-link="internal">technical analysis</a>, the distribution of Bitcoin price signals is also of critical importance. After finding support near the $60,250 region, the price initiated a recovery wave. However, these recovery efforts were limited by bears active near the $61,800 resistance area.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-350641 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/bitcoin-4.png" alt="" width="1814" height="798"></p> 
<p style="text-align: justify">Currently, the BTC/USD pair is at the $61,000 level. Although immediate resistance is near $61,200, there are significant barriers ahead. $62,000 is set as the first major resistance level. Beyond that, critical resistance areas like $62,500 and $63,500 could limit any price increases.</p> 
<h2 style="text-align: justify" id="which-levels-could-a-downward-move-bring-into-focus">Which Levels Could a Downward Move Bring into Focus?</h2> 
<p style="text-align: justify">The cryptocurrency Bitcoin (BTC) has recently failed to overcome the $61,200 resistance area, increasing concerns that the currency could face a downward move. Currently, the most important observation is BTC’s urgent search for support towards the $60,500 level.</p> 
<p style="text-align: justify">Currently, a break below critical support levels could pull the price further down. The first major support is at the $60,000 level. If a close below this level occurs, a scenario where BTC could drop to $58,500 could come into play. In this case, with increasing losses, the price could soon retreat to the $56,650 support area.</p> 
<p style="text-align: justify">Looking at technical indicators, the hourly MACD indicator is currently gaining momentum in the bearish zone. Similarly, the hourly RSI (Relative Strength Index) value is also below 50 for BTC/USD, indicating that the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> is currently balanced in favor of the bears.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-faces-key-resistance-and-support-levels/" data-wpel-link="internal">Bitcoin Faces Key Resistance and Support Levels</a></h5>

Bitcoin Faces Key Resistance and Support Levels

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