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17/07/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bulls have ensured sustenance within a bullish area past two barrier levels, including $62.5k and $63.5k. They were able to push BTC past $64k thereby extending its upswing. There was a push towards the $66k area.
BTC was able to hit levels as high as $66.1k prior to initiating current consolidation of gains. Its current performance is at levels above the 23.6% Fibonacci correction level of the upswing from $62,466 swing low to $66.1k high.
A look at its 1-hour chart shows the formation of a major bullish trend line with a support level at $63,850. Likewise, its current performance is at levels above $64.5k, as well as above the 100 hourly SMA. The ability of the bulls to sustain BTC on the upside may lead to the barrier level close to $66k. The initial major barrier level is close to $66.5k.
The ability of the bulls to push BTC clearly past the barrier level at $66.5k may bring about more upswings over the coming several sessions. The immediate major barrier level may be encountered at $67.2k.
The immediate key barrier level is located at $68k. If BTC closes past the barrier level at $68k, the bulls may be able to pave the way for more upside moves. In this situation, BTC may rise and then visit the barrier level at $70k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $66k may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $66k.
The initial key support level exists at $64,250 as well as the 50% Fibonacci correction level of the upswing from $62,466 swing low to $66.1k high. The immediate support level is currently close to $63,650, as well as near the trend line. If there are any additional losses, the bears may be able to pull BTC toward the support area at $62.5k over the coming few sessions.
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