Bitcoin (BTCUSD) will remain in the spotlight Friday after surging above the 澳洲幸运5开奖号码历史查询:c꧅losely watched $100,000 level on Thursday for the first time since early February.

The legacy cryptocurrency rallied 澳洲幸运5开奖号码历史查询:along with stocks after President Donald Trump announced that the 澳洲幸运5开奖号码历史查🐲询:U.S. had reached a trade agreement with the U.K. The president also said that further deals could be on the way and 澳洲幸运5开奖号码历史查询:expressed optimism abo🔜ut trade talks witꦉh China that are slated to take place this weekend.

Bitcoin’s price had fallen sharply between February and April, weighed down by 澳洲幸运5开奖号码历史查询:uncertainty about tariffs and their potential impact on the economy, as well as disappointment with the pace of reforms by the Trump administration to support the crypto industry. With the latest surge, bitcoin is nearly 40% above last month’s low and up 10%𓆉 from the start of the year.

Bitcoin was trading at $102,700 late Thursday evening, up from an intraday🦩 low of around $96,000.

Below, we take a closer look at Bitcoin’s chart and apply 澳洲幸运5开奖号码历史查询:technical analysis to identify crucial pr⛦ice🍎 levels worth watching out for.

Record High in Sight

After reclaiming the 澳洲幸运5开奖号码历史查询:200-day moving average (MA) last month, bitcoin traded within a narrow consolidation period before today’s strong breakout above the all-important $100,000 mark. The move sets the stage for a potential retest of the cryptocurrency’s 澳洲幸运5开奖号码历史查询:record high established at $109,000 in late January.

Meanwhile, the 澳洲幸运5开奖号码历史查询:relative strength index confirms bullish price momentum with a reading above the 70 threshold, though the indicator also cautions 澳洲幸运5开奖号码历史查询:overbought conditions that could lead to short-term 澳洲幸运5开奖号码历史查询:profit-taking.

It’s important to note that 澳洲幸运5开奖号码历史查询:trading volumes on Coinbase (COIN), the largest 澳洲幸运5开奖号码历史查询:crypto exchange in the United States,🅷 have declined since bitcoin’s move higher started in early Apr🐻il, indicating larger market participants may be sitting out the current rally.

Let’s identify two crucial overhead areas on bitcoin’s chart worth watching while also locating key support levels to monitor.

Overhead Areas Worth Watching

The first overhead area to watch sits around $107,000. This location will likely attract significant attention near the prominent December and January peaks that marked a 澳洲幸运5开奖号码历史查询:double top pattern on the chart.

Investors can forecast an overhead area to watch abo🔥ve the cryptocurrency’s record high by using bars patte༒rn analysis. 

To apply this technique, we take the price bars comprising bitcoin's move higher that preceded the recent consolidation period and reposition them from today’s breakout point. The analysis projects a potential upside target of around $120,000 assuming a 澳洲幸运5开奖号码历史查询:continuation move plays out.

Key Support Levels to Monitor

Short-term profit-taking could see the cryptocurrency’s price revisit the $100,000 level. Following today’s breakout above this key 澳洲幸运5开奖号码历史查询:psychological area, the region may flip from prior 澳洲幸运5开奖号码历史查询:resistance into future support.

However, inability of bulls to successfully defend this level could trigger a more significant 澳洲幸运5开奖号码历史查询:retracement in bitcoin's price to $92,000. This region finds a 澳洲幸运5开奖号码历史查询:confluence of support from the nearby upward sloping 200-day MA and a trendline that connects a range of corresponding trading activity on the chart stretching back tꦿo late Novembe﷽r last year.

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