Watch These Bitcoin Price Levels as Post-Election Rally Propels It Toward $90K | Global News Avenue

Bitcoin (Bitcoin USD) remains in the spotlight on Tuesday Pioneer Cryptocurrency It is approaching the $90,000 level for the first time.

The cryptocurrency has risen about 25% over the past week to hit a series of all-time highs amid optimism that the incoming Trump administration and Republican lawmakers may provide clear regulation for digital assets and establish a strategic reserve for Bitcoin.

A key demand driver continues to come from Spot Bitcoin Exchange Traded Funds (ETFs)Net inflows of $1.2 billion were recorded on Monday, the second-largest single-day inflow since its launch in early January.

Bitcoin was trading around $87,800 in afternoon trading Tuesday after rising to just under $90,000 in overnight trading. The cryptocurrency topped $80,000 for the first time on Sunday.

Next, let’s break it down technical Identify important price levels to watch on the Bitcoin chart.

Trading range breakout

eight months since breakthrough Trading scope Bitcoin’s price continues to move sharply higher and above average following last week’s election results volume Enter price discovery model.

In another win for the bulls, the 50-day moving average (MA) broke out 200-day moving average Established at the end of last month golden crossa bullish chart pattern that signals a new uptrend.

also, Relative Strength Index (RSI) Strong price momentum is confirmed with values ​​above 80, although elevated readings also indicate extreme overbought A situation that could lead to short-term profit taking.

Let’s use technical analysis to predict how Bitcoin’s recent move higher is likely to play out and identify a key factor support zone It may attract attention during retracement.

Bar Pattern Upside Price Target

Forecast potential upside price targetwe can use histogram mode, which is a technique that analyzes previous trends to predict future direction trends, assuming price action Tends to rhyme.

When applying this tool to Bitcoin charts, we take the cryptocurrency’s trend Moving from September 2023 to March this year and repositioning from the lows in September 2024. The forecast’s upside target is around $150,000, an area roughly 70% higher than Bitcoin’s current price.

The technology also provides clues as to how long current trends may last. For example, the previous trend lasted for 183 trading days, meaning a similar move could continue into early March next year.

We chose the earlier trend because it started at the lower levels of the established trading range, similar to how the cryptocurrency’s current move higher began.

Key support areas to watch

During the pullback, investors should focus on the key support area between $73,000 and $70,000. This location on the Bitcoin chart could attract buying interest near multiple trading levels near the top of the trading range trend linea region that may be flipped from the previous resist to future support.

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As of the date of this writing, the author did not own any of the securities mentioned.