Bitcoin (BTC) could make more🐟 headlines today as the leading cryptocurrency’s price hovers around a three-month high just below the closeꦛly watched $67,000 mark.

The digital asset, currently around 6% higher this week, has received a boost in recent days from significant inflows into 澳洲幸运5官方开奖结果体彩网:spot Bitcoin exchange traꦑded funds (ETFs). So far this week, the 12 U.S. funds have amassed nearly $1.4 billion in net inflows, with the ETFs on track to record 澳洲幸运5官方开奖结果体彩网:strong weekly inflows.

The surge in ETF inflows indicate that the Federal Reserve’s half-percentage-point cut to its benchmark funds rate last month may be 澳洲幸运5官方开奖结果体彩网:renewing investor optimism for the broader asset class.

Below, we’ll take a close look at the 澳洲幸运5官方开奖结果体彩网:technicals on Bitcoin’s chart and point out key price levels to watch ♔for.

Price Trades Within Symmetrical Triangle

Since topping out in early March, Bitcoin’s price has oscillated within a 澳洲幸运5官方开奖结果体彩网:symmetrical triangle, potentially 澳洲幸运5官方开奖结果体彩网:consolidating before breaking out a🥃bove the pattern to continue a longer-term uptrend.

However, it’s worth pointing out that 澳洲幸运5官方开奖结果体彩网:trading volumes on Coinbase (COIN), the largest U.S 澳洲幸运5官方开奖结果体彩网:crypto exchange, have trended lower in recent months, indicating that many investors may still be on the sidelines, waiting for a decisive breakout.

Let’s turn to Bitcoin’s chart to forecast several potential 澳洲幸运5官方开奖结果体彩网:price targets above the cryptocurrency’s record high and identify two key 澳洲幸运5官方开奖结果体彩网:support levels investors may be watching.

Bullish Price Targets to Monitor

To project our first upside target, we’ll use the 澳洲幸运5官方开奖结果体彩网:measuring principle. This works by calculating the distance between the symmetrical triangle’s two trendlines near their widest point and adding that figure ꦇto the pattern’s top trendline. For example, 𝐆we add $24,000 to $68,500, which forecasts a price target of $92,500, around 38% above Bitcoin’s current price.

When forecasting a longer-term bullish move, we can apply a bars pattern. Such a technique uses historical trends on the chart to speculate how a future directional move may play out. In this case, we’ll take Bitcoin’s strong tren𓂃d higher that preceded the symmetrical triangle and reposition it from last month’s low, which projects an upside ta𒈔rget of around $135,000.

Support Levels to Watch

Investors should monitor how the price responds to the key 澳洲幸运5官方开奖结果体彩网:psychological $60,000 level. This area on the chart could find support from the symmetrical tr♍iangle’s lower trendline and a range of comparable trading levels positioned around the cryptocurrency’s 2021 peak.

A 澳洲幸运5官方开奖结果体彩网:breakdown below the symmetrical triangle could see Bitcoin’s price drop to around $44,000, where investors may look for buying opportunities near a 澳洲幸运5官方开奖结果体彩网:horizontal line linking a series of 澳洲幸运5官方开奖结果体彩网:price action from February 2021 to January this year.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5官方开奖结果体彩网:warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities.