Bitcoin

Resistance

Bitcoin price gained bearish momentum and traded below $60,000. BTC is signaling a short-term downtrend and might face hurdles near $62,000. 
<ul> 
 <li>Bitcoin started a fresh decline from the $62,550 resistance level.</li> 
 <li>The price is trading below $61,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance at $62,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could correct higher, but upsides might be limited above the $62,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-nosedives">Bitcoin Price Nosedives</h2> 
Bitcoin price failed to recover above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-62700/" target="_blank" rel="noopener ">$63,500 level</a>. BTC struggled above $63,000 and started another decline. There was a strong decline below the $62,000 and $61,500 levels. 
The price even declined below the $60,000 level. A low was formed at $58,448 and the price is now correcting losses. There was a minor increase above the $59,800 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $64,460 swing high to the $58,448 low. 
Bitcoin price is now trading below $61,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-again-65k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. If there is a recovery wave, the price could face resistance near the $61,500 level. 
The first major resistance could be $62,150 or the 50% Fib retracement level of the downward move from the $64,460 swing high to the $58,448 low. The next key resistance could be $62,500. There is also a key bearish trend line forming with resistance at $62,400 on the hourly chart of the BTC/USD pair. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7b8982.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626201 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7b8982.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7b8982.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7b8982.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7b8982.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7b8982.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7b8982.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7b8982.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_7b8982.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $62,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $63,500 resistance. Any more gains might send BTC toward the $65,000 resistance in the near term. 
<h2 id="another-drop-in-btc">Another Drop In BTC?</h2> 
If Bitcoin fails to climb above the $62,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,200 level. 
The first major support is $60,000. The next support is now forming near $58,500. Any more losses might send the price toward the $57,000 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 – $61,200, followed by $60,000. 
Major Resistance Levels – $62,150, and $62,500.

Bitcoin Dives, Breaks $60K: Market Reels From Sharp Decline

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