Bitcoin (BTCUSD) rema💛ins in focus to start the week as the cryptocurrency sits on the precipice of crossing the $100,000 mark for the first time.

After rising to around $99,800 on Friday afternoon, the digital asset’s price eased slightly in weekend trading and was🐓 trading at just below $98,00🐟0 recently.

Since Donald Trump’s decisive election victory on November 5, Bitcoin has surged around 40% amid expectations of a 澳洲幸运5开奖号码历史查询:crypto-friendly administration and Congress. Year to date, the🎐 cryptocurrency has soared about 130%.

Below, we analyze the technicals𓃲 on Bitcoin’s chart 𒆙and identify important price levels that investors may be watching out for.

Pennant Breakout

Since breaking out above an eight-month 澳洲幸运5开奖号码历史查询:trading range, Bitcoin’s price has continued to trend sharply higher, with a bullish 澳洲幸运5开奖号码历史查询:golden cross in late October confirming the new uptrend.

Early last week, the cryptocurrency’s price broke out from a 澳洲幸运5开奖号码历史查询:pennant pattern, signaling a 澳洲幸运5开奖号码历史查询:continuation of its strong bullish move. 

Importantly, 澳洲幸运5开奖号码历史查询:trading volumes remain at their highest levels since March, indicating institutional adoption by larger market players, such as 澳洲幸运5开奖号码历史查询:asset managers and hedge funds.

Let’s apply 澳洲幸运5开奖号码历史查询:technical analysis to project where Bitcoin’s price may be headed next and identify several important 澳洲幸运5开奖号码历史查询:support levels to watch during 澳洲幸运5开奖号码历史查询:profit-taking periods.

Bars Pattern Price Target to Monitor

Investors can use a bars▨ pattern, a chart-based tool, for pro🦄jecting how Bitcoin’s continuation move may play out.

To apply the technique, we take the cryptocurrency's trending price bars that preceded the pennant and reposition them from the pattern’s top trendline. This predicts a bullish 澳洲幸运5开奖号码历史查询:price target of around $118,000, a level the price may test before moving into a 澳洲幸运5开奖号码历史查询:consolidation phase.

Important Support Levels to Watch

During 澳洲幸运5开奖号码历史查询:pullbacks, it’s worth initially keeping an eye on the $93,000 level. Investors who are seeking to capitalize on the cryptocurrency’s recent bullish momentum may look for 澳洲幸运5开奖号码历史查询:entry points in this area toward▨ the top of the pennant pattern.

A more significant drop could see Bitcoin's price revisit lower support around the key $70,000 mark, a location on the chart that would likely attract buying interest near the prior trading range’s top trendline. Depending on the timing of such a move, this region could also align with the upward sloping 澳洲幸运5开奖号码历史查询:200-day moving average.

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