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28/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
A look at the chart of BTC/USD shows that it was difficult for the bulls to bring about a push past the barrier area at $62.4k. The bears swung into action and pulled it beneath $62k, but the bulls successfully protected the support level at $60,550. BTC was able to reach levels as high as $62,297 prior to initiating the current consolidation.
A look at its 1-hour chart shows that it broke past a key declining trend line with a barrier level at $61,250 recently. Its current performance is at levels above the 50% Fibonacci correction level of the upswing from $60,580 swing low to $62,297 high.
Likewise, the same chart shows that it is currently trading at levels above $61.5k, as well as above the 100 SMA. The ability of the bulls to initiate a new upside move may lead to barrier level close to $62,250. The initial major barrier level is close to $62.4k.
The immediate major barrier level may be encountered at $62.5k. The ability of the bulls to push BTC clearly past the barrier level at $62.5k may initiate a steady upside move and push BTC higher.
In such a situation, BTC may be pushed higher for a visit to the barrier level at $63.5k. If there are any additional gains, they may be able to pave the way for a move to the barrier level at $64.4k over the coming few sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $62.4k may empower the bears to initiate a new downside move. The next support level on the way downward is close to $61,450, as well as near the 100 hourly SMA.
The initial key support level exists at $61,150 as well as at the 61.8% Fibonacci correction level of the upswing from $60,580 swing low to $62,297 high. The same chart shows the formation of the immediate support level close to $60,550. If there are any additional losses, the bears may be able to pull BTC towards the support area at $58.5k over the coming few sessions.
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