Bitcoin

Resistance

Bitcoin price extended losses and settled below $60,000. BTC is now consolidating losses near $58,000 and remains at risk of more downsides in the near term. 
<ul> 
 <li>Bitcoin extended losses and traded below the $60,000 zone.</li> 
 <li>The price is trading below $59,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a major bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move down since there is a daily close below the $60,000 zone.</li> 
</ul> 
<h2 id="bitcoin-price-takes-hit">Bitcoin Price Takes Hit</h2> 
Bitcoin price remained in a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-nosedives-60k/" target="_blank" rel="noopener ">bearish zone</a> and traded below the $60,500 support level. BTC even settled below the $60,000 level to enter a short-term bearish zone. 
There was a drop below the $58,000 level. A low was formed at $56,378 and the price is now consolidating losses. There was a minor increase toward the $58,000 level and the 23.6% Fib retracement level of the downward move from the $64,740 swing high to the $56,378 low. 
Bitcoin is now trading below $58,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-bounces-back-64500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $58,000 level. There is also a major bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC/USD pair. 
The first major resistance could be $59,200. The next key resistance could be $60,500 or the 50% Fib retracement level of the downward move from the $64,740 swing high to the $56,378 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_db14c7.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-606111" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_db14c7.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_db14c7.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_db14c7.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_db14c7.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_db14c7.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_db14c7.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_db14c7.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_db14c7.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 $60,500 resistance might send the price higher. The next resistance now sits at $61,500. If there is a clear move above the $61,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $63,500. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $58,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $57,000 level. 
The first major support is $56,500. If there is a close below $56,500, the price could start to drop toward $55,000. Any more losses might send the price toward the $53,500 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 – $57,000, followed by $56,500. 
Major Resistance Levels – $58,500, $60,500, and $61,500.

Bitcoin Price Settles Below $60K, Is This A Critical Bearish Sign?

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