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19/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bears remained active and ensured sustenance within a declining area, following a settlement beneath the barrier area at $66.5k. There were more downside moves and BTC was pulled beneath $65k. BTC fell to levels beneath $64.5k.
The bears took BTC to levels as low as $64,050 prior to initiating the current correction of losses. The bulls pushed BTC somewhat to the upside above $64.5k. There was a push past the 23.6% Fibonacci correction level of the fall from $67,255 swing high to $64,050 low.
A look at its 1-hour chart shows that its current performance is at levels beneath $65.5k, as well as below the 100 SMA. The same chart shows the formation of a connecting trend line with a barrier level at $65.4k.
BTC is encountering a barrier level close to $65.5k as well as near the trend line on the way upward. The initial key barrier level may be encountered at $65,650 or the 50% Fibonacci correction level of the fall from $67,255 swing high to $64,050 low. The immediate major barrier level may be encountered at $66k.
The ability of the bulls to push BTC clearly past the barrier level at $66k may bring about a modest upside move. In such a situation, BTC may be pushed higher for a visit to the barrier level at $66.5k. If there are any additional gains, they may be able to pave the way for a move to the barrier level at $67.5k over the coming few sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $65.5k may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $64.8k.
The initial key support level is located at $64.2k, while the same chart shows the formation of the immediate support level close to $64k. If there are any additional losses, the bears may be able to pave the way for a move toward the support area at $63.2k over the coming few sessions.
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