Bitcoin (BTCUSD) surged above $100,000 early this week but has tumbledꦇ in recent days as iꦅnvestors reassess this year's interest rate outlook.

The cryptocurrency has lost ground as stronger-than-expected economic data has driven up澳洲幸运5开奖号码历史查询: Treasury yields, putting downward pressure on risk-on assets such as bitcoin 澳洲幸运5开奖号码历史查询:amid investor concerns that the Federal Reserve🔥 may not cut interest rates again.

Notably, on Wednesday, 𒁃澳洲幸运5开奖号码历史查询:spot Bitcoin exchange-traded funds (ETFs) recorded their second-largest daily outflows since they began trading last January, indicating caution toward the asset class among 澳洲幸运5开奖号码历史查询:institutional investors.

Bitcoin has more than doubled over the past year, with the cryptocurrency surging about 33% since November’s election amid expectations that the 澳洲幸运5开奖号码历史查询:incoming Trump administration and a🐻 crypto-frien🎀dly Congress will pave the way for a more-favorable regulatory landscape.

Bitcoin was trading at $9ꩵ3,500 late Thursday, down slightly from the day before and well below the high for thꦕe week on Monday of near $103,000. The cryptocurrency set an all-time high of around $108,000 in mid-December.

Below, we break down the 澳洲幸运5开奖号码历史查询:technicals on bitcoin’s char🌸t and point out important price levels to watch🌊 out for.

Bearish Engulfing Pattern Halts New Year Rally

Since setting an 澳洲幸运5开奖号码历史查询:all-time high (ATH), bitcoin’s price has come under significant selling pressure. More recently, the cryptocurrency’s price formed a 澳洲幸运5开奖号码历史查询:bearish engulfing pattern to halt last week’s rally back above ꦺthe closely watched $100K level.

In addition, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) has dropped below the 50 threshold and the price has fallen decisively under the respected 澳洲幸运5开奖号码历史查询:50-day moving average (MA), signaling weakening buying momentum.

Let’s turn to bitcoin’s chart to identify key澳洲幸运5开奖号码历史查询: support and resistance leve♛ls th꧅at investors will likely be following closely.

Key Support Levels to Watch

The first support level to eye sits around $92,000. This area may find buying interest near the late-November retracement low and December trough, as well as from the lower trendline of a potential new 澳洲幸运5开奖号码历史查询:descending channel forming on the chart.

Selling below the location could see a move down to the $87,000 level, a location on the chart where bitcoin bulls may seek 澳洲幸运5开奖号码历史查询:entry points beneath a 澳洲幸运5开奖号码历史查询:pennant pattern that precedꦡꦉed the cryptocurrency’s move to its record high.

A decisive close below this level opens the door for a drop to around $74,000. Longer-term investors could look to 澳洲幸运5开奖号码历史查询:accumulate the cryptocurrency in this region near the 澳洲幸运5开奖号码历史查询:200-day MA and prominent peaks in March and October. Such a move would reꦬpresent a correction of around 20% from🔯 current prices.

Important Resistance Levels to Monitor

Returning bullish momentum could see another attempt at the 澳洲幸运5开奖号码历史查询:psychological $100K mark, though this area on the chart ma🦹y provide overhead resistance near a range of recent peaks and the desce⛄nding channel’s upper trendline.

Buying above this level could prompt a retest of the important $106,000 level. Traders who have bought the latest pullback may look to 澳洲幸运5开奖号码历史查询:lock in profits around this level.

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