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24/05/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The BTC/USD chart shows that the bears swung into action, initiating a new move to the downside beneath the support area at $70k. There was a pull beneath the key support level at $68k, prompting more declines toward $66,250.
BTC was able to reach levels as low as $66,250 prior to initiating the current consolidation of losses. The bulls pushed it somewhat to the upside past $67,250. There was a push past the 23.6% Fibonacci correction level of the fall from $70.5k swing high to $66,250 low.
The bears are still doing their best close to $68,350 as well as near the 50% Fibonacci correction level of the fall from $70.5k swing high to $66,250 low. A look at its 1-hour chart shows that its current performance is at levels beneath $69k, as well as below the 100 hourly SMA.
The ability of the bulls to initiate a new move to the upside may encounter a barrier level close to $68,350. The initial key barrier level may be encountered at $68.8k. The same chart shows the formation of a major declining trend line with a barrier level at $69.2k.
The immediate major barrier level may be encountered at $70k. The ability of the bulls to push BTC clearly past the barrier level at $70k may bring about more upside moves. In such a situation, BTC may be pushed higher, followed by a visit to the barrier level at $70.5k.
Likewise, the ability of the bulls to push it further to the upside may bring about a move to the barrier level at $71.2k. If there are any additional gains, they may pave the way for a move to the barrier level at $71.8k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $69.8k may empower the bears to keep its performance to the downside. The next support level on the way downward is close to $67,250.
The initial key support level exists at $66.8k. A look at the chart shows the formation of the immediate support level close to $66,2500. If there are any additional losses, the bears may be able to pave the way for a fall towards the support area at $65k over the coming few sessions.
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