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28/05/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bulls were able to initiate a new upside move from the support area at $68k. They pushed BTC clearly past the barrier level at $69k for a move into a positive area. A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level at $69k.
There was a push past the barrier area at $70k. BTC reached levels as high as $70.6k prior to the bears initiating a downside move in recent times. The bears pulled BTC beneath $70k and there was a fall beneath the 50% Fibonacci correction level of the upswing from $67,971 swing low to $70.6k high.
The activities of the bulls are currently significantly close to the same trend line. They have mounted defense at the 61.8% Fibonacci correction level of the upside move from $67,971 swing low to $70.6k high.
The same chart shows that its current performance is at levels above $69k, as well as above the 100 hourly SMA. The ability of the bulls to initiate a new move to the upside may lead to the barrier level close to $70k. The initial key barrier level may be encountered at $70.6k. Likewise, the immediate key barrier level may be encountered at $71.2k.
The ability of the bulls to push BTC clearly past the barrier level at $71.2k may bring about more upside moves. In such a situation, BTC may move higher and then visit the barrier level at $72k. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $73.2k.
On the other hand, the failure of the bulls to push BTC clearly above the barrier area at $70.6k could 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 $68.5k, while the immediate support level is being formed close to $68k. If there are any additional losses, the bears may be able to pave the way for a move to the support area at $66.5k over the coming few sessions.
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