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22/07/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the activity of traders provided adequate support above two barrier levels, including $65.5k and $66k. The bulls were able to initiate a new upside move and clear the barrier level at $66.5k.
BTC was pushed clearly past $67.2k and there was a move past $68k. It was able to reach levels as high as $68,531 prior to initiating current consolidation of gains. BTC moved toward the 23.6% Fibonacci correction level of the upside move from $65,857 swing low to $68,531 high.
A look at its 1-hour chart shows that its current performance is at levels above $66.5k, as well as above the 100 SMA. The same chart shows the formation of a connecting bullish trend line with a support level at $66.5k. Likewise, the trend line is observed near the 61.8% Fibonacci correction level of the upswing from $65,857 swing low to $68,531 high.
The ability of the bulls to initiate a new upside move may lead to the barrier level close to $68.5k. The initial major barrier level is close to $68.8k. The ability of the bulls to push BTC clearly past the barrier level at $68.8k may prompt a more significant upswing over the coming several sessions.
BTC may encounter the immediate major barrier level at $69.5k, while the immediate key barrier level is located at $70k. If BTC closes past the barrier level at $70k, the bulls may be able to pave the way for more upside moves. In this situation, BTC may move higher for a visit to the barrier level at $72k.
On the other hand, the failure of the bulls to push BTC past the barrier level at $68.5k may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $67.6k.
The initial key support level is located at $67.2k. The immediate support level is currently close to $66.5k as well as near the trend line. If there are any additional losses, the bears may be able to pull BTC towards the support area at $65.5k over the coming few sessions.
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