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07/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
BTC against USD was able to move further higher past $70k. The bulls pushed BTC clearly past two barrier levels, including $70.5k and $71.2k for further move into a positive area. The bears continued to do their best close to the $71,650 area.
BTC was able to reach levels as high as $71,682 prior to the bears initiating a new move to the downside. There was a downside move beneath 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 it broke beneath a major bullish trend line with support level at $70,650. There was a visit to the support area at $70.2k. The same chart shows that BTC is currently trading at price levels above $70k, as well as above the 100 SMA. It is encountering a barrier level close to $70.8k on its way upward.
The initial key barrier level may be encountered at $71.2k, while the immediate major barrier level may be encountered at $71,650. The ability of the bulls to push BTC clearly past the barrier level at $71,650 may bring about more moves to the upside.
In such a situation, the bulls may push BTC higher for a visit to the barrier level at $72k. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $73.2k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $71.2k may empower the bears to keep its performance towards the downside. The next support level on the way downward is close to $70.2k.
The initial key support level exists at $70k. Likewise, a look at the chart shows the formation of the immediate support level 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 a move towards the support area at $68.5k over the coming few sessions.
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