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22/05/24
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Technical Outlook on the Performance of Bitcoin (BTC)
BTC/USD was able to secure momentum to move past $70k. The bulls stayed active and there was a spike past $71.2k prior to the emergence of the bears, close to $72k. BTC was able to reach a fresh weekly high level of $71,896 prior to the recent initiation of a move to the downside by the bears.
There was a dip beneath $71.2k, as well as below the 23.6% Fibonacci correction level of the upside move from $66,047 swing low to $71,896 high. The bulls are doing their best at levels above the support area at $68.8k.
A look at its 1-hour chart shows that its current performance is above $69k, 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 $69.2k.
BTC is currently encountering a barrier level close to $70.5k and the initial key barrier level may be encountered at $71.2k. The immediate major barrier level may be encountered at $71,850. The ability of the bulls to push BTC clearly past the barrier level at $71,850 may bring about more upside moves. In such a situation, BTC may be pushed higher for a visit to the barrier level at $72.5k.
The ability of the bulls to push BTC higher may pave the way for a move to the barrier area around $73.2k. If there are any additional gains, there may be a move toward the barrier level at $74.5k
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $71.2k may empower the bears to keep its performance towards the downside. The next support level on the way downward is close to $69.2k, as well as near the trend line.
The initial key support level exists at $69k. The same chart shows the formation of the key support level close to $68.8k or the 50% Fibonacci correction level of the upswing from $66,047 swing low to $71,896 high. If there are any additional losses, the bears may be able to pull BTC toward the support area at $67.3k over the coming few sessions.
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