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30/07/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The bulls were able to push BTC/USD further to the upside past the barrier area at $68.5k. Its chart shows that there was a move towards the barrier area at $70k. They could not sustain BTC close to $70k, so the bears swung into action to initiate a move to the downside.
The bears pulled BTC beneath two support levels, including $68.5k and $68k. A look at its 1-hour chart shows that it broke beneath a major bullish trend line with a support level at $68,620. There was a fall beneath the support area at $66.5k.
BTC was able to visit the $66k area, reaching levels as low as $66,063 before initiating the current consolidation of losses. Its current performance is at levels beneath $68.5k, as well as below the 100 SMA.
BTC may encounter a barrier level close to $67k on its way upwards. The initial major barrier level is close to $67.2k or the 23.6% Fibonacci correction level of the fall from $69,985 swing high to $66,036 low. The ability of the bulls to push BTC clearly past the barrier level at $67.2k may bring about more upside moves over the coming few to several sessions.
The immediate major barrier level may be encountered at $68k or the 50% Fibonacci correction level of the fall from $69,985 swing high to $66,036 low. The immediate key barrier level is located at $68.5k. If BTC closes past the barrier level at $68.5k, the bulls may be able to pave the way for a more significant upside moves. In this situation, BTC may move higher for a visit to the barrier level at $70k.
On the other hand, the failure of the bulls to push BTC back above the barrier area at $67.2k 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 is at $65.5k, while the immediate support level is currently close to $65k. If there are any additional losses, the bears may be able to pave the way for a move towards the support area at $63.5k over the coming few sessions.
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