Bitcoin Price Levels to Watch as Key $100K Level Remains in Sight | Global News Avenue

Bitcoin (Bitcoin USD) remains in focus at the start of the week as the cryptocurrency is on the verge of breaking through the $100,000 mark for the first time.

After rising to around $99,800 on Friday afternoon, the digital asset’s price retreated slightly during weekend trading and was recently trading just under $98,000.

Since Donald Trump’s decisive election victory on November 5, Bitcoin has surged around 40% on market expectations. Crypto-friendly management and Congress. The cryptocurrency has surged about 130% so far this year.

Below, we analyze the technical aspects on the Bitcoin chart and identify important price levels that investors may be concerned about.

pennant breakout

Eight months since the breakthrough Trading scopeBitcoin price continues to move sharply higher, bullish golden cross A new uptrend was confirmed in late October.

Early last week, cryptocurrency prices broke through pennant patternsend a signal continue Its strong bullish trend.

What’s important is that trading volume Still at its highest level since March, indicating institutional adoption by larger market players, e.g. asset manager and hedge funds.

Let’s apply technical analysis Predict where Bitcoin price will go next and identify several important factors support level Watch during profit taking period.

Price Targets to Monitor for Bar Patterns

Investors can use bar charts, a chart-based tool, to predict how Bitcoin’s ongoing trend may develop.

To apply this technology we use cryptocurrencies trend Pennant previous price bars and reposition them from the top trendline of the pattern. This bodes bullish price target Around $118,000, this is the level the price will likely test before entering the market merge stage.

Important support levels worthy of attention

period callbackit is worth paying attention to the $93,000 level first. Investors looking to take advantage of cryptocurrency’s recent bullish run momentum may look for entry point In this area, toward the top of the pennant pattern.

In the event of a deeper decline, Bitcoin’s price could revisit lower support near the key $70,000 mark, a level on the chart that could attract buying interest near the top trendline of the previous trading range. Depending on the timing of this move, this area could also coincide with an upward sloping trend 200-day moving average.

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