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20/05/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that activities of traders prompted its stability at price levels above $66.5k. The bulls were able to extend its upside moves past two barrier levels, including $67.2k and $67.5k. BTC reached a fresh weekly high at $67,984 prior to the bears initiating a downside retracement in recent times.
The bears pulled BTC beneath the support area at $67k. A look at its 1-hour chart shows that it broke beneath a connecting bullish trend line with a support level at $65.9k. There was a fall beneath the support area at $66.5k.
The same chart shows that its current performance is at levels beneath $67k, as well as below the 100 hourly SMA. BTC was pulled to levels as low as $65,922 prior to the current attempt by the bulls to initiate a new upside move.
The bulls pushed BTC past $66.2k and there was a move above the 23.6% Fibonacci correction level of the downside retracement from $67,984 swing high to $65,922 low. There is a barrier level hindering BTC close to $66.5k as well as near the 100 hourly SMA.
The initial key barrier level may be encountered at $66,950. Likewise, it is close to the 50% Fibonacci correction level of the move to the downside from $67,984 swing high to $65,922 low. The immediate major barrier level may be encountered at $67.5k. The ability of the bulls to push BTC clearly past the barrier level at $67.5k may bring about more upside moves. In such a situation, BTC may be able to move higher and visit the barrier level at $68k.
The ability of the bulls to stay active may bring about a move to the barrier area around $68.8k. If there are any additional gains, BTC may obtain sufficient bullish momentum to move to the barrier level at $70k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $66.5k may empower the bears to keep its performance towards the downside. The next support level on its way downward is close to $66k, as well as near the trend line.
The initial key support level exists at $65.5k. The key support level is currently being formed close to $64.5k. If there are any additional losses, the bears may be able to pull BTC towards the support area at $63,150 over the coming few sessions.
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