Bitcoin has surged beyond the $100,000 level, which was closely watched on Thursday for the first time since early February.
A strong breakout that surpasses the consolidation period on Thursday will mark the stage for a potential retest of the $109,000 cryptocurrency high on the set in late January.
Investors should watch key overhead areas of Bitcoin charts while monitoring key support levels of $100,000 and nearly $92,000 on Bitcoin charts.
Bitcoin (btcusd) It will be in the spotlight on Friday after closely monitoring the $100,000 level on Thursday.
Legacy cryptocurrencies gathered alongside stocks after President Donald Trump announced that the US had reached a trade deal with the UK. The president also said there could be further transactions going on and expressed optimism about trade talks with China this weekend.
Bitcoin prices fell sharply between February and April, disappointing at the uncertainty about tariffs and potential economic impacts and the pace of reforms by the Trump administration supporting the crypto industry. In the latest surge, Bitcoin has risen by 40% over its low price last month, up 10% since the start of the year.
Bitcoin was trading at $102,700 late Thursday evening, rising from its intraday low of around $96,000.
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 collecting its 200-day moving average (MA) for the last month, Bitcoin was traded within a narrow consolidation period before today’s strong breakout, above the very important $100,000 mark. The move marks the potential retest of record highs for Cryptocurrency, which was founded at $109,000 in late January.
Meanwhile, the relative strength index checks bullish price momentum with reads above the 70 threshold, but the indicator also warns the terms of over-acquisition that could lead to short-term profit gains.
It is important to pay attention to the volume of transactions you have at Coinbase (coin), the largest crypto exchange in the US has been declining since Bitcoin travel began in early April, indicating that larger market participants may be sitting at the current rally.
Find the key support levels to monitor while identifying two important overhead areas worth watching on your Bitcoin chart.
The initial overhead area of viewing is around $107,000. This location could attract much attention near the prominent December and January peaks that marked the double-top pattern on the charts.
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