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16/05/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The activities of the bulls strengthened BTC/USD at price levels above the $60k support area. A look at its chart shows the formation of a base prior to the bulls initiating a new upside move past $62k in recent times.
BTC broke past a major declining trend line with a barrier level at $61k. The price of BTC increased by more than 6 percent as the bulls pushed it clearly above numerous barrier levels close to the $63.5k hurdle.
BTC continued to move higher as there was push past the barrier level at $65.5k. It was able to form a fresh weekly high at $66,411 prior to the current consolidation of gains. The activities of the bulls are sustaining BTC above the 23.6% Fibonacci correction level of the latest upswing from $61,073 swing low to $66,411 high. A look at the same chart shows that its current performance is at levels above $65k, as well as above the 100-hourly SMA.
The next barrier level is close to $66.4k and the initial key barrier level may be encountered at $66,850. The immediate major barrier level may be encountered at $67.2k. The ability of the bulls to push BTC clearly past the barrier level at $67.2k may bring about more upside moves. In such a situation, it may be pushed higher for a visit to the barrier level at $68k.
If BTC closes past the barrier area at $68k, the bulls may be able to push it higher. In such a situation, BTC may reach $70k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $66.4k may empower the bears to initiate a new downside move. The next support level on the way downward is close to $65,150.
The initial key support level exists at $64.5k. If BTC closes beneath $64.5k, the bears may be able to initiate a fall toward $63.5k or the 50% Fibonacci correction level of the latest upswing from $61,073 swing low to $66,411 high. If there are any additional losses, BTC may be compelled to fall toward the support area at $63k over the coming few sessions.
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