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24/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bulls were unable to initiate a recovery move above $65k. It was difficult for BTC to move higher close to $64,550, so the bears used the opportunity to initiate a new downside move.
Hence, BTC started declining steadily beneath $64k and $63.5k. There was a dip to levels beneath $63k and BTC moved to levels as low as $62.7k prior to initiating the current consolidation of losses.
A look at its 1-hour chart shows the formation of a connecting declining trend line with a barrier level at $63.6k. The same chart shows that its current performance is at levels beneath $63.5k, as well as beneath the 100 SMA.
The ability of the bulls to initiate a recovery move upwards may lead to the barrier level close to $63,550 as well as near the 23.6% Fibonacci correction level of the fall from $66,444 swing high to $62.7k low.
The initial key barrier level may be encountered at $64k. The immediate major barrier level may be encountered at $64.5k or the 50% Fibonacci correction level of the fall from $66,444 swing high to $62.7k low.
The ability of the bulls to push BTC clearly past the barrier level at $64.5k may bring about a steady upside move as well as more upswings. In such a situation, BTC may be compelled to move higher and visit the barrier level at $65.5k. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier level at $66.2k over the coming few sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $63,550 could empower the bears to keep its performance towards the downside. The next support level on the way downward is close to $62.7k.
The initial key support level exists at $62.2k, while the immediate support level is being formed close to $62k. If there are any additional losses, the bears may be able to pave the way for a move toward the support area at $61.2k over the coming few sessions.
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