Bitcoin (BTCUSD) remains in focus to sta𓆉rt the week as the ꩵcryptocurrency sits on the precipice of crossing the $100,000 mark for the first time.

After rising to around $99,800 on Friday afternoonജ, the digital asset’s price eased slightly in weekend trading and wa🍌s trading at just below $98,000 recently.

Since Donald Trump’s decisive election victory on November 5, Bitcoin has surged around 40% amid expectations of a 澳洲幸运5官方开奖结果体彩网:crypto-friendly administration and Congr🎃ess. Year to date, t🐠he cryptocurrency has soared about 130%.

Below, we analyze﷽ the technicals on Bitcoin’s char♌t and identify important price levels that investors may be watching out for.

Pennant Breakout

Since breaking out above an eight-month 澳洲幸运5官方开奖结果体彩网:trading range, Bitcoin’s price has continued to trend sharply higher, with a bullish 澳洲幸运5官方开奖结果体彩网:golden cross in late October confirming the new uptrend.

Early last week, the cryptocurrency’s price broke out from a 澳洲幸运5官方开奖结果体彩网:pennant pattern, signaling a 澳洲幸运5官方开奖结果体彩网:continuation of its strong bullish move. 

Importantly, 澳洲幸运5官方开奖结果体彩网:trading volumes remain at their highest levels since March, indicating institutional adoption by larger market players, such as 澳洲幸运5官方开奖结果体彩网:asset managers and hedge funds.

Let’s apply 澳洲幸运5官方开奖结果体彩网:technical analysis to project where Bitcoin’s price may be headed next and identify several important 澳洲幸运5官方开奖结果体彩网:support levels to watch during 澳洲幸运5官方开奖结果体彩网:profit-taking periods.

Bars Pattern Price Target to Monitor

Investo♒rs can use a bars pattern, a chart-based tool, for projecting how Bitcoin’s continuation move may play out.

To apply the technique, we take the cryptocurrency's trending price bars that preceded the pennant and reposition them from the pattern’s top trendline. This predicts a bullish 澳洲幸运5官方开奖结果体彩网:price target of around $118,000, a level the price may test before moving into a 澳洲幸运5官方开奖结果体彩网:consolidation phase.

Important Support Levels to Watch

During 澳洲幸运5官方开奖结果体彩网:pullbacks, it’s worth initially keeping an eye on the $93,000 level. Investors who are seeking to capitalize on the cryptocurrency’s recent bullish momentum may look for 澳洲幸运5官方开奖结果体彩网:entry points in this area toward the top of the pennant pa♏tter🙈n.

A more significant drop could see Bitcoin's price revisit lower support around the key $70,000 mark, a location on the chart that would likely attract buying interest near the prior trading range’s top trendline. Depending on the timing of such a move, this region could also align with the upward sloping 澳洲幸运5官方开奖结果体彩网:200-day moving average.

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