Bitcoin

Resistance

Bitcoin price started a major decline amid the Israel-Iran tensions. BTC declined toward $60,500 and is currently attempting a recovery wave. 
<ul> 
 <li>Bitcoin is attempting a recovery wave from the $60,500 support zone.</li> 
 <li>The price is trading below $65,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key rising channel forming with resistance at $65,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could gain bullish momentum if it clears the $66,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-recovery-faces-hurdles">Bitcoin Price Recovery Faces Hurdles</h2> 
Bitcoin price started a major decline below the $70,000 level. BTC gained bearish momentum amid rising tensions between Israel and Iran. There was a sharp decline below the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-upside-break-75k/" target="_blank" rel="noopener ">$66,000 and $65,000 levels</a>. 
The price dipped over 10% and even tested the $60,500 support. A low was formed near $60,495 and the price is now attempting a recovery wave. It climbed above the $62,500 and $63,000 levels. There was a move above the 23.6% Fib retracement level of the downward move from the $71,200 swing high to the $60,495 low. 
Bitcoin is now trading below $67,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-attractive-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $65,800 level. There is also a key rising channel forming with resistance at $65,850 on the hourly chart of the BTC/USD pair. It is close to the 50% Fib retracement level of the downward move from the $71,200 swing high to the $60,495 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_3515a8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-603213" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_3515a8.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_3515a8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_3515a8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_3515a8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_3515a8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_3515a8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_3515a8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_3515a8.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 first major resistance could be $66,000. The next resistance now sits at $68,000 and the 100 hourly Simple moving average. If there is a clear move above the $68,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $70,000. The next major resistance is near the $71,200 zone. Any more gains might send Bitcoin toward the $72,500 resistance zone in the near term. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $66,850 resistance zone, it could start another decline. Immediate support on the downside is near the $64,500 level. 
The first major support is $63,000. If there is a close below $63,000, the price could start to drop toward the $62,000 level. Any more losses might send the price toward the $60,500 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 above the 50 level. 
Major Support Levels – $64,500, followed by $63,000. 
Major Resistance Levels – $65,850, $66,000, and $68,000.

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