Bitcoin (BTCUSD) plunged below $90,000 today, continuing a slide from its record high set last month, as 澳洲幸运5官方开奖结果体彩网:eco꧟nomic uncertainty weighs on inve𒁏stor sentiment.

Bitcoin’s price, which fell below $86,000 earlier in the day before recovering back around $89,000 recently, came under pressure from news that the Trump administration’s tariffs on Mexico and Canada will go ahead as🎶 planned. Investors typically view tariffs as inflationary, which could scuttle possible 澳洲幸运5官方开奖结果体彩网:interest rate cuts this year, a move that would weigh on non-yielding risk-on assets like bitcoin.

Looking ahead, March is 澳洲幸运5官方开奖结果体彩网:historically a mixed montꦬh for Bitcoin, with the cryptocurrency having logged an even amount of positive and negative returns for the month between 2013 and last year, according to data from crypto analytics site Coinglass. Bitcoin🌳 has slippꦯed 5% since the start of the year, but is still up about 25% since the U.S. presidential election, amid hopes that the Trump White House and a crypto-supportive Congress will adopt policies that support the asset class.

Below, we take a closer look at bitcoin’s chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to identify crucial price🃏 levels worth watching out for.

Double Top Neckline Breakdown

Since forming two distinct peaks between December and January, bitcoin’s price has continued to trend lower, creating a textbook 澳洲幸运5官方开奖结果体彩网:double top pattern in the process. Moreover, a decisive 澳洲幸运5官方开奖结果体彩网:breakdown below the neckline on above-average volume in Tu🌠esday’s trading session confirms the formation.

It’s also worth pointing out that as the cryptocurrency made a slightly higher high last month, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) forged a comparatively shallower peak to signal a bearish 澳洲幸运5官方开奖结果体彩网:divergence, a technical occurrence indicating w𒐪eakening price momentum.

However, recent selling has also pushed the RSI indicator into oversold territory, raising the possibꦉility of nea🦂r-term upswings.

Let’s identify several crucial 澳洲幸运5官方开奖结果体彩网:support and resistance levels on bitcoin’s chart that inve﷽stors may be watching.

Crucial Support Levels to Watch

Further selling below the double top’s neckline could initially see a move down to the $80,400 level. This area on the chart may provide support near the 澳洲幸运5官方开奖结果体彩网:200-day moving average (MA) and the closing and opening prices of two key bars that formed during an impulsive move high🔯er in mid-November. 

The next crucial support level to watch sits around $74,000. Investors could view this region as a buying opportunity, given its proximity to a 澳洲幸运5官方开奖结果体彩网:horizontal line that links multiple prominent peaks on the chart between M🎃🐈arch and October last year.

Key Resistance Levels to Monitor

A recovery above the double top’s neckline could see the cryptocurrency’s price climb to the $98,500 level, a location that may provide overhead resistance near the respected 澳洲幸运5官方开奖结果体彩网:50-day MA, which currently aligns with a series of simila🦂r trading levels on the chart stretching back to late November.

Finally, a close above this area could lead to a retest of the $106,000 level. Investors who have 澳洲幸运5官方开奖结果体彩网:averaged down may look to 澳洲幸运5官方开奖结果体彩网:take profits here near the double top pattern's two peaks.

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