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11/07/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bulls were able to extend the move to recover back to the upside past $57.5k. There was a push past $58.5k but the bears were doing their best close to the barrier area at $59.5k.
BTC was able to reach levels as high as $59,474 prior to initiating the current correction of gains. The bears pulled BTC beneath $58.5k, followed by a visit to the 50% Fibonacci correction level of the upswing from $54,955 swing low to $59,474 high. A look at its 1-hour chart shows that it broke beneath a major bullish trend line with support level at $57.9k.
It appears that the bulls are doing their best above $57.2k. The current performance of BTC is above $57.2k, as well as above the 100 hourly SMA. The next barrier level on the way upward is close to $58.4k.
The initial major barrier level is close to $58.8k and the ability of the bulls to push BTC clearly past the level may bring about a modest upside move over the coming several sessions.
The immediate major barrier level may be encountered at $59.5k. The immediate key barrier level is located at $60k. If BTC closes past the barrier level at $60k, the bulls may be influenced to initiate a steady upside move and push it further higher. In this situation, BTC may be able to rise for a visit to the barrier level at $62.5k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $58.4k may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $57.2k
The initial key support level exists at $56k as well as at the 76.4% Fibonacci correction level of the upswing from $54,955 swing low to $59,474 high. The immediate support level is currently close to $55k. If there are any additional losses, the bears may be able to pave the way for a move towards the support area at $53.5k over the coming few sessions.
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