Take a look at this Bitcoin price level, as the cryptocurrency concerned 110,000 US dollars for the first time

Bitcoin (BTCUSD) rose over 110,000 US dollars for the first time on Wednesday and exceeded his previous record, shortly before President Donald Trump's inauguration.

The cryptocurrency gained dynamics this week after the Senate prepared a draft law on Monday that has set a regulatory framework for stable coins and JPMorgan Chase CEO Jamie Dimon, a long -standing crypto skeptic, said the bank would enable customers to buy Bitcoin.

The digital asset has recently received a thrust due to the growing demand for corporate descriptions. Michael Saylor's strategy (MSTR), who made the idea popular, acquired Bitcoin worth 765 million US dollars last week, which increased the value of his participation in the cryptocurrency to more than $ 63 billion.

These recent developments increase expectations that Washington is still obliged to develop a crypto -friendly regulatory framework and emphasize the acceleration companies for digital assets.

Bitcoin has recently dealt with 110,000 US dollars after he rose at 110,700 US dollars this evening. Since then, the digital currency has increased a low of around $ 76,000 by around $ 45% than investors fled risky assets due to growing concerns regarding the nuclear ones regarding global trade voltages.

In the following we break down the technical data in Bitcoin's chart and identify important price levels that investors will probably watch.

Rising wedge in focus

Since the low point in the last month, the price of Bitcoin has changed higher within an increasing wedge, a diagram pattern that signals a potential reversal in the event of a collapse. In addition, it is worthwhile to point out that the move has occurred in the decline in the retail volume, which points out that larger market participants may remain margin.

In recent times, however, the price has drawn itself to the upper trend line of the pattern in one step that coincides with the relative strength index transition to an overbought area. In another victory for BTC Bulls, the 50-day sliding average crossed over the 200-day MA on Wednesday to form a golden cross, a diagram event that further shows on the head.

Let us use the technical analysis to project a potential bullish price goal over the record of Bitcoin and to identify three decisive support levels that are worth monitoring in the future in the future in cryptocurrency.

Diagram -based bullish price goal

Investors can project a price target via Bitcoin's Record High by using the bar pattern tool. We apply this technology by taking over the trend of cryptocurrency from late April to early May and repositioning it low from Sundays. This analysis projects a target of around 120,000 US dollars.

We chose this earlier trend when it started after a close consolidation area, similar to the higher move of the electricity movements.

Decisive support levels worth monitoring

The first lower level to be monitored is around 107,000 US dollars. Investors will observe whether Bitcoin's price can be superior to the two prominent peaks that developed on the charts in December and January. The area may freak out from the previous resistance into future support.

The inability of the bulls to defend this decisive level could fall on the psychological brand of $ 100,000. This area would probably offer support near a horizontal line that combines a number of commercial activities on the diagram that extends until last November.

After all, a more important drop opens the door for the price of Bitcoin to rethink around 92,000 US dollars. In this area near the two moving average values, investors can search for entrance points that match a number of tips and deeper that developed on the diagram between November and March.

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Until the date on which this article was written, the author has none of the above securities.