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10/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart BTC against USD shows that the bears were able to pull it further to price levels beneath the support area at $70k. There was a fall beneath $69.5k prior to the emergence of the bulls close to $68.5k. BTC was able to reach levels as low as $68,409 prior to the current attempt by the bulls to push it back to the upside.
The bulls pushed BTC past the barrier area at $69,250 and there was a move past the 23.6% Fibonacci correction level of the fall from $71.9k swing high to the $68,409 low. A look at its 1-hour chart shows that its current performance is at levels beneath $70k, as well as below the 100 SMA.
The same chart shows the formation of a major bullish trend line with a support level at $69.5k. BTC is encountering a barrier level close to $70k on its way upwards. The initial key barrier level may be encountered at $70,150 as well as at the 50% Fibonacci correction level of the fall from $71.9k swing high to the $68,409 low.
The immediate key barrier level may be encountered at $70,550. The ability of the bulls to push BTC clearly past the barrier level at $70,550 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, the bulls may be able to pave the way or a move to the barrier level at $72k.
On the other hand, the failure of the bulls to push BTC past the barrier area at $70,150 may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $69.5k, as well as near the trend line.
The initial key support exists at $69,150. The same chart shows the formation of the immediate support level close to $68.5k. If there are any additional losses, the bears may be able to pave the way for a move to the support area at $67.5k over the coming few sessions.
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