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19/07/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bulls were unable to bring about more upside moves past two barrier levels, including $65.5k and $66k. The bears swung into action, initiated a move to the downside and BTC was pulled beneath $65k.
A look at its 1-hour chart shows that it broke beneath a major bullish trend line with a support level at $64.5k. There was a move to levels beneath $64k and BTC was able to reach levels as low as $63,225 prior to initiating the current consolidation of losses.
The bulls are pushing BTC and it is visiting the 23.6% Fibonacci correction level of latest downside move from $66,026 swing high to $63,225 low. The same chart shows that its current performance is at levels beneath $64.5k, as well as below the 100 SMA. The ability of the bulls to initiate a new upside move may lead to the barrier level close to $64k.
The initial major barrier level is close to $64,650. Likewise, it is close to the 50% Fibonacci correction level of latest downside move from $66,026 swing high to $63,225 low. The ability of the bulls to push BTC clearly past the barrier level at $64,650 may bring about a new move to the upside over the coming sessions.
The immediate major barrier level may be encountered at $65.5k, while the immediate key barrier level exists at $66k. If BTC closes past the barrier level at $66k, the bulls may be able to push it further to the upside. In this situation, BTC may move higher for a visit to the barrier level at $67.2k.
On the other hand, the failure of the bulls to push BTC past the barrier area at $64,650 may empower the bears to sustain its performance towards the downside. The next support level on the way downward is close to $63,250.
The initial key support level exists at $63k, while the immediate support level is currently close to $62.5k. 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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