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27/06/24
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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 to recover above the $61.2k area. There was an attempt to push BTC past the barrier area at $62k, but the bears were doing their best close to the $62.5k area.
BTC reached levels as high as $62,454 prior to the bears initiating the current downside move. They pulled BTC beneath $61.5k, and there was a fall beneath the 23.6% Fibonacci correction level of the upswing from $58,448 swing low to $62,454 high.
A look at its 1-hour chart shows that its performance is beneath $62k, as well as below the 100 SMA. The same chart shows the formation of a key declining trend line with a barrier level at $61,850.
BTC is being sustained above the 50% Fibonacci correction level of the upswing from $58,448 swing low to $62,454 high. The ability of the bulls to initiate a new upside move may lead to the barrier level close to $61.5k. The initial major barrier level is close to $61,850 as well as near the trend line.
The immediate major barrier level may be encountered at $62k. The ability of the bulls to push BTC clearly past the barrier level at $62k may bring about a steady upside move and more upswing. In such a situation, BTC may be pushed higher for a visit to the barrier level at $62.5k. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier level at $63.5k over the coming few sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $62k may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $60,450.
The initial key support level exists at $60k. The same chart shows the formation of the immediate support level close to $59.5k. If there are any additional losses, the bears may be able to pave the way for a move toward the support area at $58.5k over the coming few sessions.
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