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27/05/24
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Technical Outlook on the Performance of Bitcoin (BTC)
A look at the chart of BTC/USD shows it was able to secure support at price levels above $66k prior to the bulls initiating a new upside move. The bulls were able to push BTC clearly past the barrier area at $68k, but the bears continued to do their best close to $69.5k as well as $70k.
BTC reached levels as high as close to $69,608 prior to the bears initiating current retracement. The bears pulled BTC beneath the 23.6% Fibonacci correction level of the upswing from $66,250 swing low to $69,608 high. There was a visit to the support area at $68k.
The activities of the bulls are currently observed close to the 50% Fibonacci correction level of the upside move from $66,250 swing low to $69,608 high. Likewise, a look at its 1-hour chart shows that its current performance is at levels above $69.5k, as well as above the 100 SMA.
The ability of the bulls to initiate a new move to the upside may lead to the barrier level close to $69k. The same chart shows the formation of a major declining trend line with a barrier level at $69.1k. The initial key barrier level may be encountered at $69.5k.
The immediate key barrier level may be encountered at $70k. The ability of the bulls to push BTC clearly past the barrier level at $70k may bring about more upside moves. In such a situation, BTC may be pushed higher for a visit to the barrier level at $71.2k. If there are any additional gains, BTC may be pushed towards the barrier level at $72k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $69.5k may empower the bears to keep its performance towards the downside. The next support level on the way downward is close to $68k.
The initial key support level exists at $67.5k, while the immediate support level is currently being formed close to $67k. If there are any additional losses, the bears may be able to pull it towards the support area at $65.5k over the coming few sessions.
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