Bitcoin (BTCUSD) 澳洲幸运5官方开奖结果体彩网:set a new record high ahead of 澳洲幸运5官方开奖结果体彩网:Donald Trump’s inauguration Monday🌃 but pared those gains as the new U.S. president, who has been a vocal supporter of the cryptocurrency market, made no mention of it during his inaugural address or other appearances after taking office.

Bitcoin has gained nearly 50% since the early-November election amid optimism that the Trump administration could reduce regulatory roadblocks, establish a 澳洲幸运5官方开奖结果体彩网:bitcoin reserve and pursue other initiatives t🍎hat promote the widespread adoption of♎ digital assets.

After moving as high as $109,300 in the early-morning hours Monday, ♎bitcoin was trading at $102,800 recently.

Bearish Candlestick Patterns Signal Caution

After climbing today to the 澳洲幸运5官方开奖结果体彩网:all-time high, the price of bitcoin retreated to form a 澳洲幸运5官方开奖结果体彩网:shooting star, a candlestick pattern that warns of a potential reversal. What's more, the shooting star followed a 澳洲幸运5官方开奖结果体彩网:bearish engulfing pattern over the weekend, another candlestick pattern that warns of ♒a 🔜move lower.

In further signs of waning price momentum, as today's peak made a higher high, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) made a relatively shallower high to create a bearish 澳洲幸运5官方开奖结果体彩网:divergence between the price and indicator, indicating a possible 澳洲幸运5官方开奖结果体彩网:double top.

Let’s identify three key levels where Bitcoin could attract support during a 澳洲幸运5官方开奖结果体彩网:retracement, but also look at important overhead areas that may come into play if the cryptocurrency’s price continues to mo𒀰ve higher.

Key Support Levels to Watch

The first key lower level to watch sits around $92,000. This area could encounter support near the early-November peak that closely aligns with several pullback troughs tha♓t formed on the chart bಌetween late November and early January.

A close below this level may see a move down to the $87,000 level, a location on the chart where investors could look for buying opportunities near the bottom of a 澳洲幸运5官方开奖结果体彩网:pennant pattern that preceded the cryptocurrency’s move hi🐬gher in the first half of December.

Bitcoin bulls’ failure to defend this level opens the door for a more significant drop to around $74,000. Investors who favor 澳洲幸运5官方开奖结果体彩网:buy-and-hold strategies may seek 澳洲幸运5官方开奖结果体彩网:entry points in this region near a multi-month 澳洲幸运5官方开奖结果体彩网:horizontal line that links the March and October 2024 peaks with the nearby rising 澳洲幸运5官方开奖结果体彩网:200-day moving average.

Important Overhead Areas to Monitor

If Bitcoin moves higher from here, investors should keep a close eye on the $106,000 area. The cryptꦦocurrency has struggled to stage a decisive close above this nu♛mber since posting its record closing high in mid-December.

Finally, it’s worth monitoring the $120,000 area. This location may find overhead selling pressure near a measured move 澳洲幸运5官方开奖结果体彩网:price target that calculates the depth of the cryptocurrency’s recent 澳洲幸运5官方开奖结果体彩网:rangebound trading activity and🍨 adds that amount to the breakout point. For example, we add $14,000 to $106,000, which projects a target of $120k.

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