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10/07/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bulls were able to initiate a recovery move past $56.5k. There was a push past $57.5k, but the bears are doing their best close to the barrier area at $58.5k.
BTC reached levels as high as $58.2k prior to initiating the current consolidation within a range. There was a visit to the 23.6% Fibonacci correction level of the upswing from $54,955 swing low to $58.2k high. It seems the bulls are doing their best above the $57k level.
A look at its 1-hour chart shows that its current performance is above $57.2k as well as above the 100 SMA. The same chart shows the formation of a connecting bullish trend line with a support level at $57.2k. The next barrier level on the way upward is close to $58.2k.
The initial major barrier level is close to $58.5k. The ability of the bulls to push BTC clearly past the barrier level at $58.5k may bring about a modest upside move over the coming several sessions. The immediate major barrier level may be encountered at $59.2k.
If BTC closes past the barrier level at $59.2k, the bulls may be able to initiate a steady upside move and push it higher. In this situation, BTC may rise and visit the barrier level at $60k. It may be difficult for the bulls to bring about additional gains thereafter.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $58.5k may empower the bears to initiate a new downside move. The next support level on the way downward is close to $57.4k.
The initial key support level exists at $57.2k, as well as the trend line. The immediate support level is currently being formed close to $56.2k, as well as near the 61.8% Fibonacci correction level of the upswing from $54,955 swing low to $58.2k high. If there are any additional losses, the bears may be able to pave the way for a move towards the support area at $55k over the coming few sessions.
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