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30/05/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bears were able to push it further beneath $69k. The bearish momentum provided prompted a move beneath the support level at $68k and BTC eventually visited the $67k area.
BTC reached levels as low as $67.1k prior to initiating the current consolidation of losses. The bulls pushed BTC somewhat back to the upside above $67.5k, as well as above the 23.6% Fibonacci correction level of the fall from $70.6k swing high to $67.1k low, with a declining angle.
A look at its 1-hour chart shows that its current performance is at levels beneath $68.5k as well as below the 100 hourly SMA. BTC is encountering a barrier level close to $68k on the way upward. The same chart shows the formation of a major declining trend line with a barrier level at $67.9k.
The initial key barrier level may be encountered at $68.8k or the 50% Fibonacci correction level of the fall from $70.6k swing high to $67.1k low. The immediate major barrier level may be encountered at $69,250.
The ability of the bulls to push BTC clearly past the barrier level at $69,250 may bring about more upside moves. In such a situation, BTC may be pushed higher for a visit to the barrier level at $70k. If there are any additional gains, the bulls may be able to pave the way for a move to the barrier level at $72.6k.
On the other hand, the failure of the bulls to push BTC past the barrier area at $68k may empower the bears to keep its performance towards the downside. The next support level on the way downward is close to $67,250.
The initial key support level exists at $67k. The same chart shows the formation of the immediate support level close to $66,250. If there are any additional losses, the bears may be able to pave the way for a fall to the support area at $65k over the coming few sessions.
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