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16/07/24
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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 significant upside move above two barrier levels, including $61.5k and $62k.
They pushed BTC clearly above the barrier level at $63.5k for further move into a positive area. BTC continued to the upside and moved toward the $65k area.
It was able to hit levels as high as $64.9k prior to initiating the current consolidation of gains. Its performance is currently well above the 23.6% Fibonacci correction level of the upswing from $62,320 swing low to $64.9k high.
A look at its 1-hour chart shows the formation of a key bullish trend line with a support level at $62.2k. Likewise, BTC is currently trading above $64k as well as above the 100 hourly SMA.
The ability of the bulls to sustain the upside momentum may lead to the barrier level close to $64.8k. The initial major barrier level is close to $65k.
If BTC is pushed clearly past the barrier level at $65k, the bulls may be able to initiate a modest upside move over the coming several sessions. The immediate major barrier level may be encountered at $66.2k, while the immediate key barrier level exists at $66.5k.
If BTC closes past the barrier level at $66.5k, the bulls may be able to initiate a steady upside move and push it higher. In this situation, BTC may continue to rise and eventually visit the barrier level at $67k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $65k may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $64,250.
The initial key support level exists at $63,650, as well as at the 50% Fibonacci correction level of the upswing from $62,320 swing low to $64.9k high.
The immediate support level is currently close to $62.5k. If there are any additional losses, the bears may be able to pave the way for a move towards the support area at $61.5k over the coming few sessions.
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