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17/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that it was difficult for the bulls to push it past the barrier area at $67k. The bears continued to do their best and sustained BTC within a declining area. They initiated a new downside move from $66,868 and BTC was pulled beneath $66.5k.
A look at its 1-hour chart shows that it broke beneath a connecting bullish trend line with a support level at $66.5k. There was a move to levels beneath the 23.6% Fibonacci correction level of the upswing from $65,075 swing low to $66,868 high.
BTC is currently trading at levels beneath $66.8k, as well as below the 100 hourly SMA. A further look at the chart shows the possibility of initiating a visit to the 50% Fibonacci correction level of the upswing from $65,075 swing low to $66,868 high as soon as possible.
BTC is encountering a barrier level close to $66.5k as well as near the 100 hourly SMA on the way upward. The initial key barrier level may be encountered at $66,850. The immediate major barrier level may be encountered at $67k. The ability of the bulls to push BTC clearly past the barrier level at $67k may prompt a modest upside move and more upswings.
In such a situation, BTC may be compelled to rise and visit the barrier level at $66k. If there are any additional gains, the bulls may be able to pave the way for a move to the barrier level at $68.5k over the coming few sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $66.5k may empower the bears to keep its performance towards the downside. The next support level on the way downward is close to $66k.
The initial key support level exists at $65,750, while the immediate support level is currently being formed close to $65.5k. If there are any additional losses, the bears may be able to pave the way for a move toward the support area at $65k over the coming few sessions.
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