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12/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC against USD shows that the bulls were unable to initiate a new upside move past the barrier area at $68.5k. The bears swung into action and initiated a downside move beneath $68k. BTC was pulled beneath two support levels, including $67.5k and $67k.
There was a visit to the $66k area. BTC reached levels as low as $66,059 prior to initiating the current consolidation of losses past the 23.6% Fibonacci correction level of the fall from $70,143 swing high to $66,059 low. A look at its 1-hour chart shows that its current performance is at levels beneath $68.5k, as well as below the 100 SMA.
BTC is encountering a barrier level close to $67.6k on the way upwards. The initial key barrier level may be encountered at $68k, as well as at the 50% Fibonacci correction level of the fall from $70,143 swing high to $66,059 low.
The immediate key barrier level may be encountered at $68.5k. The same chart shows the formation of a connecting declining trend line with a barrier level at $68,650. Likewise, the trend line is near the 100 hourly SMA.
If BTC closes past the barrier level at $68.5k, the bulls may be able to initiate more upside moves. In such a situation, there may be an upswing for a visit to the barrier level at $69k. If there are any additional gains, they may be able to pave the way for a move toward the barrier level at $70.2k over the coming few sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $68.5k may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $66.7k.
The initial key support level is located at $66.2k. The same chart shows the formation of the immediate support level close to $66k. If there are any additional losses, the bears might be able to pave the way for a move toward the support area at $65.5k over the coming few sessions.
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