The bears were able to pull BTC/USD further to the downside and there was a move to levels beneath $64.2k. The bulls continued to do their best close to $63.5k. BTC reached levels as low as $63,427 prior to the bulls initiating a new move to the upside in recent times.
They pushed BTC above two barrier levels, including $64.5k and $65k. There was a push past the 50% Fibonacci correction level of the fall from $68,240 swing high to $63,427 low. A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level at $66k.
The performance of BTC is currently at levels above $65.5k, as well as above the 100 hourly SMA. The ability of the bulls to bring about more upside moves may lead to the barrier level close to $67k or the 76.4% Fibonacci correction level of the fall from $68,240 swing high to $63,427 low.
The initial major barrier level is close to $67.5k. The ability of the bulls to push BTC clearly past the barrier level at $67.5k may bring about more upside moves over the coming several sessions. The immediate key barrier level may be encountered at $68k.
The immediate major barrier level is located at $68.5k. A more significant upswing may ensue if BTC closes past the barrier level at $68.5k. In such a situation, the bulls 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 clearly past the barrier area at $67k may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $66.4k, as well as near the 100 hourly SMA.
The initial key support level exists at $65.5k, while the immediate support level is currently close to $65k. If there are any additional losses, the bears may be able to pave the way for a move toward the support area at $63.5k over the coming few sessions.
