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04/07/24
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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 a modest move to recover above the barrier level at $62,850. The bears swung into action and pulled BTC beneath the support area at $61.2k. BTC recorded a steep downside move beneath $60k.
There was an over five percent decline in the price of BTC as the bears ensured a spike beneath $58k. BTC was able to reach levels as low as $57,890 prior to initiating current consolidation of losses. The bulls pushed it somewhat above $58.5k and moving closer to the 23.6% Fibonacci correction level of the fall from $63,798 swing high to $57,890 low.
A look at its 1-hour chart shows that its current performance is at levels beneath $61.5k, as well as below the 100 SMA. The same chart shows the formation of a connecting declining trend line with a barrier level at $60k.
The ability of the bulls to initiate a modest upside move may lead to the barrier level close to $60k as well as trend line. The initial major barrier level is close to $60,850 and the 50% Fibonacci level of the fall from $63,798 swing high to $57,890 low.
The immediate major barrier level may be encountered at $61.5k. The ability of the bulls to push BTC clearly past the barrier level at $61.5k may bring about a steady upside move and push it higher.
In this situation, BTC may be able to visit the barrier level at $62,250. 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 $60k may empower the bears to sustain its performance towards the downside. The next support level on the way downward is close to $58,250.
The initial key support level is located at $58k, while the immediate support level is being formed close to $57.8k. If there are any additional losses, the bears may be able to pave the way for a move towards the support area at $56.5k over the coming few sessions.
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