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25/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bulls could not push it past $63.5k for recovery to the upside. It was difficult to sustain BTC above $63k and the bears swung into action to initiate a new downside move. They pulled BTC beneath two support levels, including $62k and $61.5k.
BTC fell to price levels beneath $60k and reached levels as low as $58,448 prior to initiating the current correction of losses. The bulls pushed BTC somewhat above $59.8k. There was a push past the 23.6% Fibonacci correction level of the fall from $64,460 swing high to $58,448 low.
A look at its 1-hour chart shows that its current performance is at levels beneath $61.5k, as well as below the 100 SMA. The ability of the bulls to initiate a recovery wave may lead to the barrier level close to $61.5k.
The initial key barrier level may be encountered at $62,150 or the 50% Fibonacci correction level of the fall from $64,460 swing high to $58,448 low. The immediate major barrier level may be encountered at $62.5k. The same chart shows the formation of a major declining trend line with a barrier level at $62.4k.
The ability of the bulls to push BTC clearly past the barrier level at $62.5k may initiate a steady upside move and prompt more upswings. In such a situation, BTC may be compelled to move higher for a visit to the barrier level at $63.5k. If there are any additional gains, they may be able to pave the way for a move towards the barrier level at $65k over the coming few sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $62.5k may empower the bears to keep its performance towards the downside. The next support level on the way downward is close to $61.2k.
The initial key support level exists at $60k, while the immediate support level is being formed close to $58.5k. If there are any additional losses, the bears may be able to pave the way for a fall toward the support area at $57k over the coming few sessions.
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