Bitcoin

Resistance

Bitcoin price started another decline after it struggled near $64,550. BTC declined below the $63,500 support and might continue to move down. 
<ul> 
 <li>Bitcoin started a fresh decline from the $64,550 resistance level.</li> 
 <li>The price is trading below $63,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $63,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could extend losses if there is a clear move below the $62,700 and $62,500 support levels.</li> 
</ul> 
<h2 id="bitcoin-price-dips-further">Bitcoin Price Dips Further</h2> 
Bitcoin price failed to recover above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-again-65k/" target="_blank" rel="noopener ">$65,000 level</a>. BTC struggled near $64,550 and started another decline. There was a steady decline below the $64,000 and $63,500 levels. 
The price even declined below the $63,000 level. A low was formed at $62,700 and the price is now consolidating losses. There is also a connecting bearish trend line forming with resistance at $63,600 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading below $63,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recover-65k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. If there is a recovery wave, the price could face resistance near the $63,550 level and the 23.6% Fib retracement level of the downward move from the $66,444 swing high to the $62,700 low. 
The first major resistance could be $64,000. The next key resistance could be $64,500 or the 50% Fib retracement level of the downward move from the $66,444 swing high to the $62,700 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_9dba03.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626050 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_9dba03.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_9dba03.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_9dba03.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_9dba03.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_9dba03.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_9dba03.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_9dba03.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_9dba03.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $64,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $65,500 resistance. Any more gains might send BTC toward the $66,200 resistance in the near term. 
<h2 id="more-downsides-in-btc">More Downsides In BTC?</h2> 
If Bitcoin fails to climb above the $63,550 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,700 level. 
The first major support is $62,200. The next support is now forming near $62,000. Any more losses might send the price toward the $61,200 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 – $62,700, followed by $62,200. 
Major Resistance Levels – $63,550, and $64,500.

Bitcoin Price Takes a Plunge: Analyzing the Sudden Drop

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