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29/07/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The activity of traders sustained BTC/USD within a positive area past the barrier area at $65.5k. The bulls were able to push it clearly past two barrier levels including $66.8k and $67.5k for more entry into a positive area. BTC was pushed past the barrier level at $68k.
A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level at $68.2k. Likewise, BTC was able to secure adequate momentum to move past the 76.4% Fibonacci correction level of the fall from $69,398 swing high to $66,6274 low.
The same chart shows that its current performance is at levels above $68.5k, as well as above the 100 hourly SMA. The ability of the bulls to push BTC further to the upside may lead to the barrier level close to $69.8k.
The initial major barrier level is close to $70k or the 1.236 Fibonacci extension level of the fall from $69,398 swing high to $66,6274 low. The ability of the bulls to push it clearly past the barrier level at $70k may bring about more upside moves over the coming few sessions.
The immediate major barrier level may be encountered at $70.8k, while the immediate key barrier level exists at $71.2k. If BTC closes past the barrier level at $71.2k, the bulls may be able to pave the way for more upswing. In this situation, BTC may rise for a visit to the barrier level at $72k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $70k may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $68,750, while the initial key support level exists at $68k.
The immediate support level is currently close to $67,250, as well as near the 100 hourly SMA. If there are any additional losses, the bears may be able to pave the way for a move towards the support area at $66.5k over the coming few sessions.
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