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15/07/24
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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 modest upside move past two barrier levels, including $59.5k and $60k. BTC was pushed clearly past the barrier level at $60.5k for entry into a positive area. This prompted a solid upside move and BTC moved to levels above $62k.
There was a visit to $62.5k. BTC was able to hit levels as high as $62,493 prior to initiating the current consolidation of gains. The performance of BTC is quite above the 23.6% Fibonacci correction level of the upswing from $56,593 swing low to $62,493 high.
A look at its 1-hour chart shows it is currently trading above $61.5k, as well as above the 100 SMA. The same chart shows the formation of a major bullish trend line with a support level at $61k.
The next barrier level on the way upward is close to $62.5k, while the initial major barrier level is close to $62.8k. The ability of the bulls to push BTC clearly past the barrier level at $62.8k may bring about a new modest upside move over the coming few sessions. The immediate major barrier level may be encountered at $63.2k.
The immediate key barrier level is located at $63.5k. If BTC closes past the barrier level at $63.5k, the bulls may be able to initiate a steady upside move for more upswings. In this situation, BTC may continue higher and visit the barrier level at $65k.
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 initiate a new move to the downside. The next support level on the way downward is close to $61.5k.
The initial key support level is located at $61k, as well as near the trend line area. The immediate support level is currently close to $60k. If there are any additional losses, the bears may be able to pave the way for a move towards the support area at $59.5k over the coming few sessions.
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