Bitcoin

Resistance

Bitcoin price failed to recover above the $65,500 resistance. BTC is again moving lower and there is a risk of more downsides below $63,000. 
<ul> 
 <li>Bitcoin started another decline after it failed to surpass the $65,500 resistance zone.</li> 
 <li>The price is trading below $64,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could accelerate lower if there is a daily close below the $63,000 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-faces-hurdles">Bitcoin Price Faces Hurdles</h2> 
Bitcoin price started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-trims-gains-63500/" target="_blank" rel="noopener ">recovery wave</a> from the $62,750 support zone. BTC was able to climb above the $64,000 and $64,500 resistance levels. However, the price failed to clear the $65,500 resistance zone. 
A high was formed at $65,300 and the price started another decline. There was a move below the $64,500 level. The price tested the 50% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high. 
Bitcoin is now trading below $64,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-eyes-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair. 
Immediate resistance is near the $64,500 level or the trend line. The first major resistance could be $65,350 or $65,500. A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,200. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_198145.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-605177" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_198145.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_198145.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_198145.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_198145.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_198145.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_198145.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_198145.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_198145.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> 
If there is a clear move above the $66,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,000. The next major resistance is near the $67,400 zone. Any more gains might send Bitcoin toward the $68,800 resistance zone in the near term. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $64,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,000 level. 
The first major support is $63,750 or the 61.8% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high. If there is a close below $63,750, the price could start to drop toward $62,750. 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 – $64,000, followed by $63,750. 
Major Resistance Levels – $64,500, $65,350, and $66,200.

Bitcoin Price Turns Red And At Risk of More Downsides Below $63K

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