Bitcoin

Resistance

Bitcoin price started a fresh decline from the $62,000 resistance zone. BTC is declining and remains at a risk of more losses below the $60,000 level. 
<ul> 
 <li>Bitcoin started a fresh decline after it failed near $62,000.</li> 
 <li>The price is trading below $61,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a bearish flag pattern with support near $60,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could gain bearish momentum if there is a close below the $60,000 level.</li> 
</ul> 
<h2 id="bitcoin-price-signals-breakdown">Bitcoin Price Signals Breakdown</h2> 
Bitcoin price found support near the $60,250 zone and started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-63200/" target="_blank" rel="noopener ">recovery wave</a>. BTC was able to recover above the 23.6% Fib retracement level of the downward move from the $63,217 swing high to the $60,250 low. 
However, the bears were active near the $61,800 resistance zone. They defended the 50% Fib retracement level of the downward move from the $63,217 swing high to the $60,250 low. There was a fresh bearish reaction below the $61,200 support zone. 
There was a break below a bearish flag pattern with support near $60,950 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $61,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-bears-pushing-60k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
Immediate resistance is near the $61,200 level. The first major resistance could be $62,000 or the 100 hourly Simple moving average. The next key resistance could be $62,500. A clear move above the $62,500 resistance might send the price higher. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_df25fd.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-607667" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_df25fd.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_df25fd.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_df25fd.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_df25fd.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_df25fd.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_df25fd.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_df25fd.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_df25fd.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> 
The main resistance now sits at $63,500. If there is a close above the $63,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000. 
<h2 id="more-downsides-in-btc">More Downsides In BTC?</h2> 
If Bitcoin fails to climb above the $61,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,500 level. 
The first major support is $60,000. If there is a close below $60,000, the price could start to drop toward $58,500. Any more losses might send the price toward the $56,650 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 – $60,500, followed by $60,000. 
Major Resistance Levels – $61,200, $62,200, and $62,500.

Bitcoin Price Signals Bearish Continuation, Why BTC Could Drop Below $60K

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