Bitcoin

Resistance

Gains

Bitcoin price managed to stay above the $60,000 support. BTC recovered and is now facing hurdles near the $63,500 resistance zone. 
<ul> 
 <li>Bitcoin seems to be trading in a range between $60,000 and $63,500.</li> 
 <li>The price is trading above $61,800 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a major bearish trend line with resistance at $61,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could rally if it clears $63,500 or might revisit the range support at $60,000.</li> 
</ul> 
<h2 id="bitcoin-price-trims-gains">Bitcoin Price Trims Gains</h2> 
Bitcoin price extended its decline below the $60,800 support zone. However, the bulls were active above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-bearish-60k/" target="_blank" rel="noopener ">$60,000 support zone</a>. A low was formed at $60,220 and the price started a recovery wave. 
There was a move above the $61,000 and $61,200 levels. Besides, there was a break above a major bearish trend line with resistance at $61,400 on the hourly chart of the BTC/USD pair. The pair rallied and revisited the main hurdle at $63,500. 
A high was formed at $63,400 and the price is now consolidating gains. It traded below the 23.6% Fib retracement level of the upward move from the $60,220 swing low to the $63,400 high. 
Bitcoin is still trading above $62,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-63200/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $62,800 level. The first major resistance could be $63,000. The next key resistance could be $63,500. A clear move above the $63,200 resistance might send the price higher. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_96725f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-607869" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_96725f.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_96725f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_96725f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_96725f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_96725f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_96725f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_96725f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_96725f.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 resistance now sits at $63,500. If there is a close above the $63,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000. 
<h2 id="another-decline-in-btc">Another Decline 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 $62,200 level. 
The first major support is $61,800 or the 50% Fib retracement level of the upward move from the $60,220 swing low to the $63,400 high. If there is a close below $61,800, the price could start to drop toward $61,200. Any more losses might send the price toward the $60,250 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. 
Major Support Levels – $61,800, followed by $61,200. 
Major Resistance Levels – $63,200, $63,500, and $65,000.

Bitcoin Price Stuck In Key Range, What Could Spark Major Move?

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