Bitcoin (BTCUSD) has surged to its highest point in more than two months, putting it back within reacಞh of the psychological $100,000 leve🔯l. 

The digital asset rallied Thursday after reports surfaced that investment bank Morgan Stanley is looking into adding spot 澳洲ౠ幸运5官方开奖结果体彩网:cryptocurrency trading to its E*Trade pla𒐪tform sometime next year. Sentiment also received a boost after Strategy (MSTR), the world’s largest corporate holder of bitcoin, said it plans to acquire more bitcoin through a $21 billion equity offering.

Bitcoin is up about 30% from its early-April low as investors have sought to 澳洲幸运5官方开奖结果体彩网:diversify their portfolios amid uncertainty surrounding the Trump administration’s trade policies and their potential impact on the economy. Amid recent market turmoil, bitcoin and stocks have occasionally moved in opposite directions, evidence to some investors tha💟t the cryptocurrency is finally showing its worth as a safe haven.

The legacy cryptocurrency was at $97,000 recently, still below its record high of around $109,000 in January but up from last month's low below $75,000.

Below, we take a closer look at bitcoin's chart and apply 澳洲幸运5官方开奖结果体彩网:technical analysis to identify crucial price levels worth watc♒hing out fไor.

Pennant Pattern Breakout

After breaking out from a a 澳洲幸运5官方开奖结果体彩网:descending channel last month, bitcoin’s price rallied sharply before consolidating in a narrow pennant pattern.

In a win for the bulls, the pioneer cryptocurrency staged a breakout above the pennant’s top trendline Thursday, setting the stage for a continuation move higher. Moreover, the 澳洲幸运5官方开奖结果体彩网:relative strength index confirms bullish price momentum, with the indicator edging towar♉d overbought terri🍌tory. 

However, it’s worth pointing out that 澳洲幸运5官方开奖结果体彩网:trading volumes remain below average during bitcoin’s recent bullish 澳洲幸运5官方开奖结果体彩网:price action, suggesting larger market participants ma🎶y remain on the sidelines.

Let’s identify two crucial overhead areas on bitcoin’s chart that investors may be watching and also locate key 澳洲幸运5官方开奖结果体彩网:support levels worth eyeing during future 澳洲幸运5官方开奖结果体彩网:pullbacks.

Crucial Overhead Areas to Watch

The first overhead area to watch sits at $100,000. This crucial location would likely provide 澳洲幸运5官方开奖结果体彩网:resistance near the round number and a 澳洲幸运5官方开奖结果体彩网:horizontal line that 🐲links a range of trading activity ๊on the chart between November and February.

A more bullish move could see bitcoin’s price test overhead resistance around $107,000. Investors who have accumulated the cryptocurrency at lower prices may decide to澳洲幸运5官方开奖结果体彩网: lock in profits at this level near the prominent December and January 澳洲幸运5官方开奖结果体彩网:swing highs. This region also roughly aligns with a projected bars pattern upside target that t🤪akes the impulsive mov♒e higher that preceded the pennant and repositions it from the pattern’s breakout point.

Key Support Levels Worth Eyeing

During pullbacks, investors should initially eye the $92,000 level. Retracements to this area may attract buying interest near the low of the pennant pattern, which also aligns with several 澳洲幸运5官方开奖结果体彩网:peaks and troughs on the chart stretching back to last November.

Finally, a 澳洲幸运5官方开奖结果体彩网:breakdown below this key technical level opens the door for a drop to $85,000. Investors may seek 澳洲幸运5官方开奖结果体彩网:entry points in this area near the February low and a period of 澳洲幸运5官方开奖结果体彩网:sideways drift on the chart prior from bitcoin’s breakout from the descending ♊channel last month.

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