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18/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that it was difficult for the bulls to bring about a recovery move past the barrier area at $66.5k. The bears used the opportunity to sustain BTC within a declining area and then initiated a new downside move from levels as high as $67,256. They were able to pull BTC beneath $66.5k.
BTC was pulled clearly beneath two support levels, including $65.5k and $65k, and then eventually visited $64k. There was a move to levels as low as $64,611 prior to initiating the current consolidation of losses.
The bulls pushed BTC somewhat to levels above $65k. BTC moved past the 23.6% Fibonacci correction level of the fall from $67,256 swing high to $64,611 low. A look at its 1-hour chart shows that its current performance is at levels beneath $66k, as well as below the 100 SMA. The same chart shows the formation of a connecting trend line with a barrier level at $67.5k.
BTC is encountering a barrier level close to $66k or the 50% Fibonacci correction level of the downswing from $67,256 swing high to $64,611 low on the way upward. The initial key barrier level may be encountered at $66,250. The immediate major barrier level could be encountered at $66.5k.
The ability of the bulls to push BTC clearly past the barrier level at $66.5k may bring about a modest upside move, followed by more upswings. In such a situation, BTC may be compelled to visit the barrier level at $67.5k. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier level at $68.5k over the coming few sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $66k may empower the bears to keep its performance towards the downside. The next support level on the way downward is close to $65k.
The initial key support level is located at $64k, while the immediate support level is being formed close to $64.5k. If there are any additional losses, the bears may be able to pave the way for a move to the support area at $63.2k over the coming few sessions.
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