Bitcoin (BTCUSD) surged above the significant $100,000 level on Thursday for the first time since early February. This rally came alongside stocks after President Donald Trump announced a trade agreement with the U.K., expressing optimism about upcoming trade talks with China.
Bitcoin’s price had fallen sharply between February and April due to uncertainties regarding tariffs and their potential economic impact, as well as disappointment with the pace of reforms by the Trump administration to support the crypto industry. With this latest surge, Bitcoin is nearly 40% above last month’s low and up 10% from the start of the year.
As of late Thursday evening, Bitcoin was trading at $102,700, up from an intraday low of around $96,000. The cryptocurrency reclaimed the 200-day moving average (MA) last month and traded within a narrow consolidation period before today’s strong breakout above the crucial $100,000 mark. This move sets the stage for a potential retest of Bitcoin’s record high established at $109,000 in late January.
The relative strength index confirms bullish price momentum with a reading above the 70 threshold, though it also cautions about overbought conditions that could lead to short-term profit-taking. Trading volumes on Coinbase, the largest crypto exchange in the United States, have declined since Bitcoin’s move higher started in early April, indicating larger market participants may be sitting out the current rally.
Two crucial overhead areas on Bitcoin’s chart worth watching are around $107,000 and above the cryptocurrency’s record high, potentially targeting $120,000 if a continuation move occurs. Key support levels to monitor include the $100,000 level and $92,000, where there is a confluence of support from the nearby upward sloping 200-day MA and a trendline connecting corresponding trading activity since late November last year.
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