Bitcoin (BTCUSD) remains in the spotlight on Tuesday as the 澳洲幸运5开奖号码历史查询:pioneer cryptocurrency nears the $90,000 level for the first time.

The cryptocurrency has gained about 25% over the past week, hitting a series of record highs, amid optimism that the incoming Trump administration and Republican lawmakers could provide regulatory cl✅arity for digital assets and establish a strategic Bitcoin reserve.

A key demand driver continues to come from 澳洲幸运5开奖号码历史查询:spot Bitcoin exchange-꧙traded funds (ETFs), which recorded net inflows of $1.2 billion on Monday, their second largest daily haul since launching in early January.

Bitcoin was around $87,800 in early-afternoon trading Tuesday, after rising to just ꦿunder $90,000 in overnight trading. The c💯ryptocurrency surpassed $80,000 for the first time on Sunday.

Below, we break down the 澳洲幸运5开奖号码历史查询:technicals on Bitcoin’s chart and identify important priceꦑ levels to watch💃 out for.

Trading Range Breakout

Since breaking out from an eight-moth 澳洲幸运5开奖号码历史查询:trading range last week following the election outcome, Bitcoin’s price has continued to trend sharply higher on above-average volume into 澳洲幸运5开奖号码历史查询:price discovery mode.

In another win for the bulls, the 50-day moving average (MA) crossed above the 澳洲幸运5开奖号码历史查询:200-day MA late last month to form a 澳洲幸运5开奖号码历史查询:golden cross, a bull♔ish chart pattern that signals a new uptrend.

Moreover, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) confirms strong price momentum with a value above 80, though the elevated reading also indicates extremely 澳洲幸运5开奖号码历史查询:overbought conditions that coꦡuld 🍸lead to short-term profit taking.

Let’s use technical analysis to predict how Bitcoin’s recent move higher may play out and also identify a crucial 澳洲幸运5开奖号码历史查询:zone of support that could gain attention during 澳洲幸运5开奖号码历史查询:retracements.

Bar Pattern Upside Price Target

To forecast a potential upside 澳洲幸运5开奖号码历史查询:price target, we can use a bars pattern, a technique that analyzes prior trends to predict future directional moves, assuming that 澳洲幸运5开奖号码历史查询:price action tends to rhyme.

When applying the tool to Bitcoin’s chart, we take the cryptocurrency’s trending move from September 2023 to ❀March this year and reposition it from the September 2024 low. This projects an upside target of around $150,000, an area that sits about 70% above Bitcoin’s current price.

The technique also provides clues to how long the current trend may continue. For🙈 instance, the prior t🍎rend played out over 183 trading days, meaning that a similar move may last until early March next year.

We selected the earlier trend because🐻 it commenced from the lower level of an established trading range, similar to how the cryptocurrency’s current move higher started.

Crucial Zone of Support to Watch

During retracements, investors should monitor a crucial zone of support between $73,000 and $70,000. This location on Bitcoin’s chart could attract buying interest near multiple trading levels positioned around trading range’s top 澳洲幸运5开奖号码历史查询:trendline, a region that may flip from prior 澳洲幸运5开奖号码历史查询:resistance into future support.

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