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12/07/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that it was difficult for the bulls to bring about a clear push past two barrier levels, including $59.5k and $60k. BTC was able to reach levels as high as close to the barrier area at $59.5k prior to the bears initiating a new downside move in recent times. The bears pulled BTC beneath $58.5k.
There was a move below two support levels, including $57.8k and $57.5k. BTC visited the $56.6k area, reaching levels as low as $56,593 prior to initiating the current consolidation of losses. Its current performance is close to the 23.6% Fibonacci correction level of the fall from $58,963 swing high to $56,593 low.
A look at its 1-hour chart shows that its current performance is below $57.5k, as well as beneath the 100 SMA. The next barrier level on the way upward is close to $57,750. The initial major barrier level is close to $58k or the 61.8% Fibonacci correction level of the fall from $58,963 swing high to $56,593 low.
The ability of the bulls to push BTC clearly past the barrier level at $58k may initiate a modest upside move over the coming few sessions. The immediate major barrier level may be encountered at $58.5k. The same chart shows the formation of a major bearish channel with a barrier at $58.4k.
The immediate major barrier level is located at $59.5k. If BTC closes past the barrier level at $59.5k, the bulls may be able to initiate a steady upside move and push it higher. In this situation, BTC may be compelled to rise for a visit to the barrier level at $60k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $58k may empower the bears to sustain its performance towards the downside. The next support level on the way downward is close to $56.6k.
The initial key support level exists at $56k, while 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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