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31/07/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The bears were able to pull BTC/USD further to the downside beneath the support area at $66.5k. The chart shows that there was a spike beneath two support levels, including $66k and $66.5k. BTC was able to reach levels as low as close to $65,337 prior to initiating current consolidation of losses.
A turn to the upside ensued and BTC moved back above $66k, followed by a visit to the 23.6% Fibonacci correction level of the fall from $69,985 swing high to $65,337 low. It has been difficult to push BTC clearly above the barrier area at $66.5k.
A look at its 1-hour chart shows the formation of a connecting declining trend line with a barrier level at $66.4k. The performance of BTC is at levels beneath $68k, as well as below the 100 SMA. BTC may encounter the barrier level close to $66.4k on the way upward. The initial major barrier level is close to $66.6k.
The ability of the bulls to push BTC clearly past the barrier level at $66.5k may bring about more upside moves over the coming few to several sessions. The immediate key barrier level may be encountered at $67,650 or the 50% Fibonacci correction level of the fall from $69,985 swing high to $65,337 low.
The immediate key barrier level is located at $68.2k. If BTC closes past the barrier level at $68.2k, the bulls may be able to pave the way for more upside moves. In this situation, BTC may be pushed higher for a visit to the barrier level at $70k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $66.5k 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 $65,350, 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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