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06/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the activities of traders prompted stability at price levels above the $69.5k area, prior to the bulls initiating a new move to the upside. The bulls pushed BTC clearly past two barrier levels, including $70k and $70.2k, for further entry into a positive area.
There was a push past $70.5k and BTC reached levels as high as $71,682 prior to initiating the current consolidation of gains. BTC’s gains are being sustained above the 23.6% Fibonacci correction level of the upswing from $67,285 swing low to $71,682 high.
A look at its 1-hour chart shows that its current performance is at levels above $70.5k, as well as above the 100 hourly SMA. The same chart shows the formation of a major bullish trend line with support level at $70.6k.
BTC is encountering a barrier level close to $71.4k on the way upwards. The initial major barrier level may be encountered at $71,650, while the immediate major barrier level is likely at $72k.
The ability of the bulls to push BTC clearly past the barrier level at $72k may bring about more upside moves. In such a situation, BTC may move higher for a visit to the barrier level at $73.2k. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $75k.
On the other hand, the failure of the bulls to push BTC past the barrier area at $71.4k may empower the bears to initiate a new downside move. The next support level on the way downward is close to $70.6k, as well as near the trend line.
The initial major support level exists at $70k. The immediate support level is being formed close to $69.5k or the 50% Fibonacci correction level of the upswing from $67,285 swing low to $71,682 high. If there are any additional losses, the bears may be able to pave the way for more downside moves toward the support area around $68.5k over the coming few sessions.
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