Bitcoin

Resistance

Bitcoin price found support near the $56,350 zone. BTC is recovering higher, but the bears might be active near the $60,000 resistance zone. 
<ul> 
 <li>Bitcoin is attempting a recovery wave from the $56,350 support zone.</li> 
 <li>The price is trading below $60,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $57,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could struggle to clear the $60,000 and $60,500 resistance levels.</li> 
</ul> 
<h2 id="bitcoin-price-faces-resistance">Bitcoin Price Faces Resistance</h2> 
Bitcoin price extended losses below the $60,000 level to enter a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-settles-60k/" target="_blank" rel="noopener ">short-term bearish zone</a>. BTC even traded below the $58,000 level before the bulls appeared near the $56,350 level. 
A low was formed at $56,378 and the price started a decent recovery wave. The price climbed above the $58,000 resistance zone. There was a break above a key bearish trend line with resistance at $57,800 on the hourly chart of the BTC/USD pair. 
The price climbed above the 23.6% Fib retracement level of the downward wave from the $64,738 swing high to the $56,378 low. Bitcoin is still trading below $60,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-nosedives-60k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
Immediate resistance is near the $60,000 level. The first major resistance could be $60,500. It is close to the 50% Fib retracement level of the downward wave from the $64,738 swing high to the $56,378 low. The next key resistance could be $61,500. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1546ed.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-606321" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1546ed.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1546ed.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1546ed.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1546ed.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1546ed.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1546ed.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1546ed.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1546ed.png?resize=1024%2C449?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 $61,500 resistance might send the price higher. The next resistance now sits at $63,400. If there is a clear move above the $63,400 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000. 
<h2 id="rejection-in-btc">Rejection In BTC?</h2> 
If Bitcoin fails to rise above the $60,500 resistance zone, it could start another decline. Immediate support on the downside is near the $58,500 level. 
The first major support is $57,800. If there is a close below $57,800, the price could start to drop toward $56,350. Any more losses might send the price toward the $55,000 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $57,000, followed by $56,500. 
Major Resistance Levels – $60,000, $60,500, and $61,500.

Bitcoin Price Recovery Could Face Many Hurdles Near $60K, Here’s Why

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