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03/07/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that it was difficult for the bulls to initiate more upside moves above two barrier levels, including $63,650 and $63.8k. BTC was able to reach levels as high as $63,798 prior to the bears initiating a new move to the downside.
There was a fall to levels beneath $63k. Likewise, a look at its 1-hour chart shows that the bears pulled BTC beneath $62.5k, as well as beneath the 100 hourly SMA. BTC was compelled to fall beneath the 50% Fibonacci correction level of the upswing from $59,951 swing low to $63,798 high.
Its current performance is at levels beneath $62.5k, as well as below the 100 hourly SMA. The same chart shows the formation of a connecting declining trend line with a barrier level at $61,850.
There is an attempt by the bulls to mount defense at the $61.4k area, as well as at the 61.8% Fibonacci correction level of the upswing from $59,951 swing low to $63,798 high. The ability of the bulls to initiate a new upside move may lead to the barrier level close to $61,850, as well as near the trend line.
The initial major barrier level is close to $62,250, while 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 bring about a steady upside move.
In such a situation, BTC may be pushed higher for a visit to the barrier level at $63,250. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $63,650 over the coming few sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $62,250 may empower the bears to sustain its performance towards the downside. The next support level on the way downward is close to $61.4k.
The initial key support level exists at $60,850, while the immediate support level is currently being formed close to $60.5k. If there are any additional losses, the bears may be able to pave the way for a move towards the support area at $60k over the coming few sessions.
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