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04/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bears were able to extend the downside move beneath $67.2k. This prompted another visit to the $66,650 area prior to the bulls initiating a new upside move in recent times. They pushed BTC clearly past the barrier area at $68.5k.
A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level at $68k. The bulls pushed BTC clearly past the barrier area at $69.5k and there was a spike past $70k. BTC was able to reach levels as high as $70,253 prior to the bears initiating current correction of gains.
The bears pulled BTC beneath $69.5k and there was a fall beneath the 23.6% Fibonacci correction level of the upswing from $67,283 swing low to $70,253 high. A look at the same chart shows that its current performance is at levels above $68.5k, as well as above the 100 hourly SMA.
BTC is being sustained above the 50% Fibonacci correction level of the upswing from $67,283 swing low to $70,253 high. BTC is encountering a barrier level close to $69.2k on its way upward.
The initial key barrier level may be encountered at $69,550, while the immediate key barrier level may be encountered at $70k. The ability of the bulls to push BTC clearly past the barrier level at $70.2k could bring about more upside moves.
In such a situation, BTC may be able to move higher for a visit to the barrier level at $70.6k. If there are any additional gains, the bulls may be able to pave the way for a move to the barrier level at $72k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $69.5k 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.
The initial key support level exists at $68.4k, while the immediate support level is being formed close to $68k. If there are any additional losses, the bears may be able to pave the way for a move to the support area at $67.2k over the coming few sessions.
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