Bitcoin (BTCUSD) surged above $100,000 early this we𝓰ek but has tumbled in recent days as investors reassess 🧸this year's interest rate outlook.

The cryptocurrency has lost ground as stronger-than-expected economic data has driven up澳洲幸运5官方开奖结果体彩网: Treasury yields, putting downward pressure on risk-on assets such as bitcoin 澳洲幸运5官方开奖结果体彩网:amid investor concerns that the Federal ℱReserve may not cut interest rates again.

Notably, on Wednesday, 澳洲幸运5官方开奖结果༺体彩🍬网:spot Bitcoin exchange-traded funds (ETFs) recorded their second-largest daily outflows since they began trading last January, indicating caution toward the asset class among 澳洲幸运5官方开奖结果体彩网:institutional investors.

Bitcoin has more than doubled over the past year, with the cryptocurrency surging about 33% since November’s election amid expectations that the 澳洲幸运5官方开奖结果体彩网:incoming Trump administration and a crypto-friendly Con♔gress will pave the way for a more-favorable regulatory landscape.

Bitcoin was trading at $93,500 late Thursday, down slightly from the day before and well below the high for the week on Monday of near $103,000. The cryptocurrencဣy set an all-time high of around $108,000 in mid-December.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on bit🐠coin’s chart and point out important price levels to watch out for.

Bearish Engulfing Pattern Halts New Year Rally

Since setting an 澳洲幸运5官方开奖结果体彩网:all-time high (ATH), bitcoin’s price has come under significant selling pressure. More recently, the cryptocurrency’s price formed a 澳洲幸运5官方开奖结果体彩网:bearish engulfing pattern to halt last week’s rally bꦐack above the closely watched $100K le🅺vel.

In addition, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) has dropped below the 50 threshold and the price has fallen decisively under the respected 澳洲幸运5官方开奖结果体彩网:50-day moving average (MA), signaling weakening buying momentum.

Let’s turn to bitcoin’s chart to identify key澳洲幸运5官方开奖结果体彩网: support and resistance levels th🌊at investors will likely be following closely.

Key Support Levels to Watch

The first support level to eye sits around $92,000. This area may find buying interest near the late-November retracement low and December trough, as well as from the lower trendline of a potential new 澳洲幸运5官方开奖结果体彩网:descending channel forming on the chart.

Selling below the location could see a move down to the $87,000 level, a location on the chart where bitcoin bulls may seek 澳洲幸运5官方开奖结果体彩网:entry points beneath a 澳洲幸运5官方开奖结果体彩网:pennant pattern that preceded the cryptoc🎀urrency’s move to its record hig🌠h.

A decisive close below this level opens the door for a drop to around $74,000. Longer-term investors could look to 澳洲幸运5官方开奖结果体彩网:accumulate the cryptocurrency in this region near the 澳洲幸运5官方开奖结果体彩网:200-day MA and prominent peaks in March and October. Such a move would r💟epresent a correction of around 2🐲0% from current prices.

Important Resistance Levels to Monitor

Returning bullish momentum could see another attempt at the 澳洲幸运5官方开奖结果体彩网:psychological $100K mark, though this♉ area on the chart may provide overhead resistan꧅ce near a range of recent peaks and the descending channel’s upper trendline.

Buying above this level could prompt a retest of the important $106,000 level. Traders who have bought the latest pullback may look to 澳洲幸运5官方开奖结果体彩网:lock in profits around this level.

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