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14/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that it was a difficult for the bulls to push past the barrier area at $68.5k. The bears continued to do their best, sustaining BTC within a declining area and then pulling it further beneath $67.2k. BTC moved to levels beneath $67k.
It was able to visit the $66,250 area. BTC hit levels as low as $66,244 prior to initiating the current consolidation of losses beneath the 23.6% Fibonacci correction level of the fall from $69,970 swing high to $66,244 low. A look at its 1-hour chart shows that its current performance is at levels beneath $68k, as well as below 100 SMA.
The chart shows what seems like the formation of a short-term base above the $66,250 area, but the bulls need to overcome several barriers to push BTC higher. There is a barrier level close to $67,150 on the way upside. The same chart shows the formation of a connecting declining trend line with a barrier level at $67,150.
The initial key barrier level may be encountered at $68k as well as the 50% Fibonacci correction level of the fall from $69,970 swing high to $66,244 low. The immediate key barrier level may be encountered at $68.5k.
The ability of the bulls to push BTC clearly past the barrier level at $68.5k may bring about more upside moves. In such a situation, they may push BTC higher for a visit to the barrier level at $69.2k. If there are any additional gains, they may be able to pave the way for a move to the barrier level at $70k over the coming few sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $67,150 may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $66,250.
The initial key support level exists at $66k. The same chart shows the formation of the immediate support level close to $65k. If there are any additional losses, the bears may be able to pave the way for a fall toward the support area at $63.5k over the coming few sessions.
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