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01/07/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows the formation of a base at price levels above the $60k area. The activities of traders prompted the stability of BTC, and the bulls were able to initiate a modest upside move past the barrier area at $61.5k.
A look at its 1-hour chart shows that it broke past a key declining trend line with a barrier level at $61k. The bulls pushed BTC higher past the barrier level at $62.5k, prompting a price increase of almost five percent and trading close to the barrier area at $63,650.
The same chart shows that its current performance is at levels above $62.5k as well as above the 100 SMA. BTC is exhibiting stability as the traders have sustained it above the 23.6% Fibonacci correction level of the upside move from $59,949 swing low to $63,675 high.
The ability of the bulls to initiate a new upside move may lead to the barrier level close to $63,650. The initial major barrier level is close to $64k, while the immediate major barrier level may be encountered at $64.4k. The ability of the bulls to push BTC clearly past the barrier level at $64.4k may initiate a steady upside move and bring about more upswings.
In such a situation, BTC may be pushed higher for a visit to the barrier level at $65.5k. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier level at $66k over the coming few sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $63,650 may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $62.8k.
The initial key support level exists at $61.8k as well as near the 50% Fibonacci correction level of the upswing from $59,949 swing low to $63,675 high. The same chart shows the formation of the immediate support level close to $61,250, as well as the 100 hourly SMA. If there are any additional losses, the bears may be able to pave the way for a move towards the support area at $60.5k over the coming few sessions.
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