Bitcoin has skyrocketed to its highest point since February, reaching the psychological $100,000 level.
With the Bulls’ victory, Pioneer cryptocurrency made a breakout over the pennant pattern on Thursday, bringing the stage for continuous travel.
Investors will need to watch key overhead levels of around $100,000 and $107,000 on the Bitcoin chart, but they also pay attention to key support near $92,000 and $85,000.
Bitcoin (btcusd) surged to its highest point in over two months and returned to the psychological $100,000 level.
The digital assets recovered Thursday after reports surfaced that investment bank Morgan Stanley was considering adding spot cryptocurrency trading to its e* trade platform within next year. Sentiment also received a boost after the strategy (MSTR), the world’s largest company holder of Bitcoin said it plans to acquire more Bitcoin through its $21 billion shares.
Bitcoin has risen about 30% since the first half of April as investors seek to diversify their portfolio around uncertainty surrounding the Trump administration’s trade policy and the potential impact on the economy. Amidst the recent market turmoil, Bitcoin and stocks have occasionally moved in opposite directions, with evidence for some investors that cryptocurrencies ultimately show value as a safe haven.
Legacy’s cryptocurrency was recently at $97,000, but in January it was still below a record high of around $109,000, but below the $75,000 low from last month’s low.
Below we take a closer look at the Bitcoin chart and apply technical analysis to identify key price levels that are worth paying attention to.
After escaping the AA descent channel last month, Bitcoin prices rose sharply before they merged in a narrow pennant pattern.
With the Bulls’ victory, Pioneer’s cryptocurrency staged a breakout on top of the pennant’s top trend line on Thursday, bringing the stage for ongoing movement. Additionally, the relative strength index confirms bullish price momentum, with indicators bordering towards the territory where they were bought.
However, it is worth pointing out that trading volumes have fallen below average during Bitcoin’s recent bullish price action, suggesting that larger market participants could remain on the sidelines.
Identify two important overhead areas of Bitcoin charts that investors may be watching, and find the key support levels worth paying attention to during future pullbacks.
The first overhead area of viewing is $100,000. This important location may provide resistance near the horizon with the number of circles linking various trading activities on the chart between November and February.
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