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23/05/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bears were able to initiate a new move to the downside as it was difficult for the bulls to sustain and push it further higher above $71.5k. BTC hit a fresh weekly high level at $71,896 prior to the bears initiating a downside retracement in recent times.
There was a fall beneath $70k and BTC visited the 50% Fibonacci correction level of the move to the upside from $66,046 swing low to $71,896 high. The bears pulled BTC beneath the support area at $68.8k. However, the bulls are now doing their best close to the $68.8k area.
A look at its 1-hour chart shows that its current performance is at levels above $68k as well as above the 100 SMA. BTC is currently encountering a barrier close to $69,650. The initial key barrier level may be encountered at $70k. The same chart shows the formation of a connecting declining trend line with a barrier level at $70k.
The immediate major barrier level may be encountered at $70.5k. The ability of the bulls to push BTC clearly above the barrier level at $70.5k may bring about more upside moves. In such a situation, BTC may move higher and visit the barrier level at $71.2k.
The ability of the bulls to push BTC further to the upside may bring about more upside moves toward the barrier area at $71.8k. If there are any additional gains, the bulls may be able to pave the way for a move to the barrier level at $72.5k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $70k may empower the bears to keep its performance towards the downside. The next level of support on the way downward is close to $69k.
The initial key support level exists at $68.8k. The chart shows the formation of the immediate support level close to $67,420 or the 76.4% Fibonacci correction level of the move to the upside from $66,046 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 $66k over the coming few sessions.
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