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08/07/24
101
Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bulls were able to initiate a new move to recover above $57k. They pushed BTC past $58, but the bears continued to do their best close to the barrier area at $58.5k.
BTC was able to reach levels as high as $58,396 prior to the bears initiating a new move to the downside. The bears pulled BTC beneath two key levels, including $57k and $56.5k. There was a move to levels as low as close to $54,301 prior to initiating the current consolidation of losses.
The bulls pushed BTC somewhat higher towards the 23.6% Fibonacci correction level of the fall from $58,396 swing high to $54,301 low. A look at its 1-hour chart shows that its performance remains beneath $56.5k, as well as below the 100 SMA. The next barrier level on the way upward is close to $56k, while the initial key barrier level is close to $56.4k.
The same chart shows the formation of a connecting declining trend line with a barrier level at $56,350. Likewise, the trend line is close to the 50% Fibonacci correction level of the fall from $58,396 swing high to $54,301 low.
The ability of the bulls to push BTC clearly past the trend line may bring about a move towards $57.4k. The immediate key barrier level may be encountered at $58.4k. If BTC closes past the barrier level at $58.4k, the bulls may be able to initiate a steady upside move and initiate more upswings. In this situation, BTC may be able to rise and visit the barrier level at $60k over the coming sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $56.4k may empower the bears to keep its performance towards the downside. The next support level on the way downward is close to $54.4k.
The initial key support level exists at $53,650, while the immediate support level is currently being formed close to $53,200. If there are any additional losses, the bears may be able to pave the way for a move towards the support area at $52k over the coming few sessions.
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