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13/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bulls were able to initiate a steady upside move past the barrier area at $68.5k. BTC was pushed clearly past the barrier area at $69.2k. Unfortunately, the bears swung into action and there was a significant declining reaction following the Federal Reserve’s decision to keep rates unchanged at 5.5 percent.
There was a fall beneath two support levels, including $68.8k and $68.5k. BTC was pulled downward to visit the $67.2k area. It was able to hit levels as low as $67,148 prior to initiating the current consolidation of losses close to the 23.6% Fibonacci correction level of the fall from $69,969 swing high to $67,148 low.
A look at its 1-hour chart shows that its current performance is at levels beneath $68.8k, as well as below the 100 SMA. The same chart shows the formation of a connecting bullish trend line with a support level at $67.5k.
BTC is encountering a barrier level close to $68,250 on the way upwards. The initial key barrier level may be encountered at $68,550 as well as at the 50% Fibonacci correction level of the fall from $69,969 swing high to $67,148 low.
The immediate key barrier level may be encountered at $69.2k. The ability of the bulls to push BTC clearly past the barrier level at $69.2k may bring about more upside moves. In such a situation, BTC may be pushed higher for a visit to the barrier level at $70k. If there are any additional gains, they may be able to pave the way for a move to the barrier level at $71.2k over the coming few sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $68,550 may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $67.2k.
The initial key support level is located at $67k, while the immediate support level is being formed close to $66k. If there are any additional losses, the bears may be able to pave the way for a move to the support area at $65.5k over the coming few sessions.
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