Bitcoin

Resistance

Bitcoin price recovered above the $62,000 resistance zone. BTC must clear the $62,500 resistance zone to continue higher in the near term. 
<ul> 
 <li>Bitcoin started a recovery wave above the $61,500 and $62,000 levels.</li> 
 <li>The price is trading below $63,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance at $62,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might struggle to rise above the $62,500 and $63,000 resistance levels.</li> 
</ul> 
<h2 id="bitcoin-price-faces-resistance">Bitcoin Price Faces Resistance</h2> 
Bitcoin price extended losses below the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-62700/" target="_blank" rel="noopener ">$60,000 support zone</a>. BTC even tested the $58,500 support zone, where the bulls emerged. A low was formed at $58,448 and the price is now correcting losses. There was a decent increase above the $60,000 level. 
The price climbed above the 50% Fib retracement level of the downward wave from the $64,460 swing high to the $58,448 low. It even moved above the $62,000 pivot level. However, Bitcoin price is still trading below $63,000 and the 100 hourly Simple moving average. 
The price seems to be facing a rejection zone near the $62,500 resistance, as discussed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-dives-breaks-60k/" target="_blank" rel="noopener ">yesterday</a>. There is also a key bearish trend line forming with resistance at $62,500 on the hourly chart of the BTC/USD pair. It is close to the 61.8% Fib retracement level of the downward wave from the $64,460 swing high to the $58,448 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_289a46.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626390 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_289a46.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_289a46.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_289a46.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_289a46.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_289a46.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_289a46.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_289a46.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_289a46.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance could be $63,000. A clear move above the $63,000 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-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to climb above the $62,500 resistance zone, it could start another decline. Immediate support on the downside is near the $60,500 level. 
The first major support is $60,000. The next support is now forming near $59,500. Any more losses might send the price toward the $58,500 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 – $60,500, followed by $60,000. 
Major Resistance Levels – $62,500, and $63,000.

Bitcoin Price Reaches Rejection Zone: Can It Overcome the Resistance?

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