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23/07/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bulls initiated a move past two barrier levels, including $66.5k and $67k. There was a spike past $68k prior to the emergence of the bears. The bears seemed to be doing their best close to $68.5k.
BTC was able to reach levels as high as close to $68,240 and then started moving slowly to the downside. The bears pulled BTC beneath $67.5k and there was a fall beneath the 50% Fibonacci correction level of the upswing from $66.6k swing low to $68,240 high.
A look at its 1-hour chart shows that its current performance is at levels above $66.8k, as well as above the 100 hourly SMA. The same chart shows the formation of a major bullish trend line with a support level at $62.2k. Likewise, the trend line is near the 61.8% Fibonacci correction level of the upswing from $66.6k swing low to $68,240 high.
The ability of the bulls to initiate a new upside move may lead to the barrier level close to $68,250. The initial major barrier level is close to $68.5k. A new significant upside move may ensue over the coming several sessions if they push BTC clearly above the barrier level at $68.5k.
The immediate major barrier level may be encountered at $68.8k, while the immediate key barrier level is located at $69.2k. If BTC closes past the barrier level at $69.2k, the bulls may be able to push it further to the upside. In this situation, they may be able to pave the way for a visit to the barrier level at $70k.
On the other hand, the failure of the bulls to push BTC past the barrier area at $68,250 may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $67.2k.
The initial key support level is located at $66.6k, while the immediate support level is currently close to $66k. If there are any additional losses, the bears may be able to pave the way for a move to the support area around $65.5k over the coming few sessions.
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