Watch These Bitcoin Price Levels After Inauguration Day Volatility | Global News Avenue

Bitcoin (Bitcoin USD) hit new high ahead of donald trump Monday’s inauguration, but gains retreated as the new U.S. president, who has been a vocal supporter of the cryptocurrency market, did not mention it in his inauguration speech or other appearances since taking office.

Bitcoin has risen nearly 50% since the election in early November, amid hopes that the Trump administration could reduce regulatory barriers and establish Bitcoin Reserve and undertake other initiatives to promote widespread adoption of digital assets.

Bitcoin was last trading at $102,800 after rising to $109,300 early Monday morning.

Bearish candlestick pattern signals caution

After climbing the mountain today all time highBitcoin price fell back, forming meteora candlestick pattern that warns of a potential reversal. What’s more, the meteor followed Bearish Engulfing Pattern Over the weekend, another candlestick pattern warned of lower prices.

Further signs of weakening price momentum are as today’s spike sets higher highs, Relative Strength Index (RSI) Forming a relatively shallow high to form a bearish disagreement between price and indicator, indicating possible double top.

Let’s identify three key levels at which Bitcoin can attract support period retracementbut also be aware of the important area of ​​administrative fees that could come into play if the price of cryptocurrencies continues to move higher.

Key support levels worth paying attention to

The first key lower level to watch is around $92,000. This area may find support near early November peak closely related to several pull back A trough that forms on the chart between late November and early January.

A close below that level could see a drop to the $87,000 level, where investors could look for buying opportunities near the bottom at that point on the chart. pennant pattern This was before the cryptocurrency moved higher in the first half of December.

Bitcoin bulls failed to hold this level, opening the door for a further sharp decline towards around $74,000. favored investors buy and hold strategies may seek entry point in this area in recent months horizontal line Linking the March and October 2024 peaks to nearby rises 200-day moving average.

Important areas of overhead to monitor

If Bitcoin moves higher from here, investors should keep a close eye on the $106,000 area. Since setting a new closing high in mid-December, the cryptocurrency has struggled to decisively close above that figure.

Finally, the $120,000 area is worth watching. This is a position where indirect selling pressure may be found near the measured trend price target Calculate the recent depth of a cryptocurrency scope limit trading activity and add that amount to the breakout point. For example, we add $14,000 to $106,000 with a projected goal of $120,000.

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