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21/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bulls were able to initiate a move back to the upside past $65k. There was a push past two barrier levels, including $65.5k and $66.2k. However, the bears continued to do their best close to the $66.5k area. BTC reached levels as high as $66,444 prior to the bears initiating a new downside move.
They pulled BTC beneath two support levels, including $65.5k and $65.4k. BTC was compelled to fall beneath the 50% Fibonacci correction level of the upswing from $64,050 swing low to $66,444 high. A look at its 1-hour chart shows that it broke beneath a connecting bullish trend line with a support level at $65,250.
There was a visit to the support area at $64.6k as well as the 76.4% Fibonacci correction level of the upswing from $64,050 swing low to $66,444 high. A look at its 1-hour chart shows that its current performance is at levels beneath $65.5k, as well as below the 100 hourly SMA.
The ability of the bulls to initiate a new upside move may lead to the barrier level close to $65,250. The initial key barrier level may be encountered at $65.5k, while the immediate major barrier level may be encountered at $66k.
The ability of the bulls to push BTC clearly past the barrier level at $66k may bring about a steady move to the upside and prompt more upswings. In such a situation, BTC may be pushed higher for a visit to the barrier level at $66.5k. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier level at $67.5k over the coming few sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $65,250 could empower the bears to keep its performance towards the downside. The next support level on the way downward is close to $64.6k.
The initial key support level is located at $64.2k. The same chart shows the formation of the immediate support level close to $64k. If there are any additional losses, the bears may be able to pave the way for a move toward the support area at $63.2k over the coming few sessions.
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