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02/07/24
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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 modest upside move past the $61.2k area. They pushed BTC clearly past two barrier levels, including $62k and $63k, for entry into a short-term positive area.
The bears stood their ground close to the $63,650 area. BTC was able to reach levels as high as $63,798 prior to the bears initiating a correction in recent times. They pulled BTC beneath $63.2k and there was a visit to the 23.6% Fibonacci correction level of the upswing from $59,950 swing low to $63,798 high.
A look at its 1-hour chart shows that its current performance is at levels above $62,250, as well as above the 100 SMA. The same chart shows the formation of a connecting bullish trend line with a support level at $62.8k.
The ability of the bulls to initiate a new upside move may lead BTC to the barrier level close to $63,250. The initial major barrier level is close to $63,650, while the immediate major barrier level may be encountered at $64k. The ability of the bulls to push BTC clearly past the barrier level at $64k may bring about a steady upswing and more gains.
In such a situation, BTC may be pushed higher for a visit to the barrier level at $65k. If there are any additional gains, the bulls may be able to pave the way for a move to the barrier level at $66.5k over the coming few sessions.
On the other hand, the failure of the bulls to push BTC past the barrier area at $63,650 could empower the bears to bring about a slow move towards the downside. The next support level on the way downward is close to $62.8k, as well as near the trend line.
The initial key support level exists at $62.3k. The same chart shows the formation of the immediate support level close to $61.8k, as well as near the 100 SMA. Likewise, it is near the 50% Fibonacci correction level of the upswing from $59,950 swing low to $63,798 high. If there are any additional losses, the bears may be able to pave the way for a move towards the support area at $60.5k over the coming few sessions.
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