Bitcoin

Resistance

Bitcoin price failed to start a fresh increase above the $62,850 resistance zone. BTC started another decline and tumbled 5% to test $58,000. 
<ul> 
 <li>Bitcoin started a fresh decline and traded below the $60,000 zone.</li> 
 <li>The price is trading below $61,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might struggle to start a fresh increase above the $60,850 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-dives-5">Bitcoin Price Dives 5%</h2> 
Bitcoin price struggled to start a decent recovery wave above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-back-62k/" target="_blank" rel="noopener ">$62,850 resistance level</a>. The bears took control and pushed BTC below the $61,200 support zone. There was a sharp decline below the $60,000 level. 
The price declined 5% and even spiked below the $58,000 level. A low was formed at $57,890 and the price is now consolidating losses. There was a minor increase above the $58,500 level and approaching the 23.6% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low. 
Bitcoin price is now trading below $61,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-challenge-63650/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair. 
If there is a decent increase, the price could face resistance near the $60,000 level and the trend line. The first key resistance is near the $60,850 level and the 50% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_fe2473.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-627741 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_fe2473.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_fe2473.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_fe2473.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_fe2473.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_fe2473.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_fe2473.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_fe2473.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_fe2473.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance could be $61,500. A clear move above the $61,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $62,250 resistance. Any more gains might send BTC toward the $63,500 resistance in the near term. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $60,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,250 level. 
The first major support is $58,000. The next support is now forming near $57,800. Any more losses might send the price toward the $56,500 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 – $58,250, followed by $58,000. 
Major Resistance Levels – $59,250, and $60,000.

Bitcoin Price Takes a 5% Hit: Can Bulls Save The Week?

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