Bitcoin

Resistance

Optimism

Bitcoin price is up nearly 8% and it broke many hurdles. BTC is now consolidating gains and might correct in the short term toward $65,000. 
<ul> 
 <li>Bitcoin started a strong increase and cleared the $63,500 resistance zone.</li> 
 <li>The price is trading above $65,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could correct gains but the bulls might be active near $65,000 and $64,500.</li> 
</ul> 
<h2 id="bitcoin-price-jumps-8">Bitcoin Price Jumps 8%</h2> 
Bitcoin price remained strong above the $60,000 support zone. BTC formed a base and started a fresh increase above the $62,000 level. There was a break above a key bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair. 
The pair rallied over 6% and broke many hurdles near the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-holds-firm-61000/" target="_blank" rel="noopener ">$63,500 resistance</a>. It even cleared the $65,500 resistance. A new weekly high was formed at $66,411 and the price is now consolidating gains. 
It is holding gains above the 23.6% Fib retracement level of the recent wave from the $61,073 swing low to the $66,411 high. Bitcoin price is also trading above $65,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stuck-60k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
Immediate resistance is near the $66,400 level. The first major resistance could be $66,850. The next key resistance could be $67,200. A clear move above the $67,200 resistance might send the price higher. In the stated case, the price could rise and test the $68,000 resistance. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_0b78a9.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="size-full wp-image-608290" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_0b78a9.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_0b78a9.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_0b78a9.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_0b78a9.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_0b78a9.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_0b78a9.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_0b78a9.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_0b78a9.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
If there is a close above the $68,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $70,000. 
<h2 id="are-dips-limited-in-btc">Are Dips Limited In BTC?</h2> 
If Bitcoin fails to climb above the $66,400 resistance zone, it could start a downside correction. Immediate support on the downside is near the $65,150 level. 
The first major support is $64,500. If there is a close below $64,500, the price could start to drop toward $63,500 or the 50% Fib retracement level of the recent wave from the $61,073 swing low to the $66,411 high. Any more losses might send the price toward the $63,000 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 – $65,150, followed by $64,500. 
Major Resistance Levels – $66,400, $66,800, and $67,200.

Bitcoin Breaks Free: Emerging from Bearish Sentiment, Crypto Market Optimism Rises

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