Bitcoin

Resistance

Time

Bitcoin price started a steady increase above the $62,500 resistance. BTC is again struggling to clear the $64,500 and $65,000 resistance levels. 
<ul> 
 <li>Bitcoin is showing positive signs and facing hurdles near $64,500.</li> 
 <li>The price is trading above $62,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could struggle to clear the $64,500 and $65,000 resistance levels.</li> 
</ul> 
<h2 id="bitcoin-price-faces-resistance">Bitcoin Price Faces Resistance</h2> 
Bitcoin price found support near the $56,500 zone and started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-60k/" target="_blank" rel="noopener ">decent increase</a>. There was a clear move above the $60,000 and $61,200 resistance levels. 
The bulls pushed the price above the $63,500 level and the 100 hourly Simple moving average. However, the bears are again active near the $64,500 and $65,000 resistance levels. A high was formed at $64,646 and the price is now consolidating gains. 
It is stable above the 23.6% Fib retracement level of the upward move from the $56,378 swing low to the $64,646 high. There is also a key bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading above $62,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-settles-60k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $64,500 level. The first major resistance could be $65,000. The next key resistance could be $65,500. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c6f759.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-606646" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c6f759.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c6f759.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c6f759.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c6f759.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c6f759.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c6f759.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c6f759.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c6f759.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> 
A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,800. If there is a clear move above the $66,800 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,000. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $64,500 resistance zone, it could start another decline. Immediate support on the downside is near the $62,800 level and the trend line. 
The first major support is $61,500. If there is a close below $61,500, the price could start to drop toward the 61.8% Fib retracement level of the upward move from the $56,378 swing low to the $64,646 high at $59,500. Any more losses might send the price toward the $58,000 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 – $62,500, followed by $61,500. 
Major Resistance Levels – $64,500, $65,000, and $65,500.

Bitcoin Price Rejects Key Resistance, Time For Another Drop In BTC?

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