Bitcoin (BTCUSD) surged to a record high near $77,000 on Thursday, extending a rally that followed&nbs🅠p;Donald Tr😼ump's win in the presidential election.

Investors view a future Trump Administration as a 澳洲幸运5官方开奖结果体彩网:positive development for Bitcoin and 澳洲幸运5官方开奖结果体彩网:cryptocurrency more broadly, specifically in relation to regulation and the potential for ༺the creation of a federal strategic bitꦰcoin reserve, two areas the president-elect addressed when delivering a speech at the Bitcoin 2024 conference in July.

The Trump-fueled momentum comes at a welcome time for the legacy cryptocurrency, which has traded mostly sideways over the past seven months as exuberance subsided following the launch of 澳洲幸运5官方开奖结果体彩网:spot Bitco♎in exchange-traded funds (ET🙈Fs) in January and the asset’s 澳洲幸运5官方开奖结果体彩网:halving event in April. Since the start of the year, Bitcoin has gained around 80%, adding the lion’s share of those gains ꦆin the first quarter.

Below, we analyze the 澳洲幸运5官方开奖结果体彩网:technicals on Bitcoin’s 澳洲幸运5官方开奖结果体彩网:weekly chart and identify imꦛportant post-election price levels that investors may be watchin♏g.

Cup and Handle Pattern Breakout

Since its November 2021 peak, Bitcoin’s price has formed a 澳洲幸运5官方开奖结果体彩网:cup and handle, a chart pattern that signals a continuation of the cryptocurrency’s longer-term uptrend.

Indeed, the price staged a breakout above the formation’s upper 🦹trendline on Wednesday, potentially marking the start of a near-term move higher.

It’s also worth pointing out, that although Bitcoin 澳洲幸运5官方开奖结果体彩网:trading volumes on Coinbase (COIN) remain below longer-term averages, they have increased in recent ♏weeks, suggesting that investors may be returning from the sidelines.

Let’s forecast a measured move 澳洲幸运5官方开奖结果体彩网:price target and identify key 澳洲幸运5官方开奖结果体彩网:support levels to watch during retracements.

Measured Move Price Target to Monitor

Although there’s limited overhead 澳洲幸运5官方开奖结果体彩网:price action to work with, we can forecast a bullish target using a measured move, also known as the 澳洲幸运5官方开奖结果体彩网:measuring principle.

This chart-based technique works by calculating the depth of the “cup𒐪” port🌄ion of the cup and handle pattern and adding that amount to the formation’s top trendline. In this case, we add $56,000 to $70,000, which predicts a measured move target of $126,000.

Key Support Levels to Watch

On initial 澳洲幸运5官方开奖结果体彩网:pullbacks, investors should keep their eyes peeled on the technically important $70K level. A successful hold of this area could flip previous 澳洲幸运5官方开奖结果体彩网:resistance into f𓄧uture support, setting a solid base for a ꩲpotential move higher.

Finally, an inability by the bulls to defend this level could see Bitcoin’s price fall below the 50-week moving average and revisit lower support around $53,000, a region where the cryptocurrency could attract buying interest near the September 2021 peak and September 2024 trough.

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As of the date this article was written, the author does not own any of the above securities.