Bitcoin rose again Wednesday to bring the closely watched $100,000 mark back into striking distance.
The cryptocurrency oscillated within a four-month falling wedge before breaking out above the pattern earlier this month.
Investors should watch major overhead areas on Bitcoin’s chart around $100,000 and $107,000, while also monitoring key support levels near $85,000 and $76,000.
Bitcoin (BTCUSD) rose again Wednesday to bring the closely watched $100,000 mark back into striking distance.
The pioneer cryptocurrency, along with other risk-on assets, have rallied the past few days amid optimism that the White House could scale back its plans on tariffs after President Trump said the levy on China will be “substantially” below its current 145% level. Sentiment also received a boost after the president walked back recent rhetoric about firing Fed Chair Jerome Powell, shoring up confidence across financial markets that the central bank will retain its independence.
While Bitcoin well below its record high of $109,000 set in January, it has risen about 25% from its 2025 low set in early April, as investors potentially turn to the cryptocurrency as an alternative to volatile stocks and a weakening U.S. dollar. Bitcoin was trading at $93,500 recently.
Below, we break down the technicals on Bitcoin’s chart and point out major price levels that investors will likely be eyeing.
Bitcoin oscillated within a four-month falling wedge before breaking out above the pattern earlier this month. Importantly, the price staged a decisive close above the closely watched 200-day moving average in Tuesday’s trading session, though volumes were lackluster.
Meanwhile, the relative strength index (RSI) confirms bullish momentum with a reading above the 50 threshold, but remains below overbought levels, giving the price sufficient room to explore higher levels.
Let’s identify two major overhead areas to watch amid the potential for further upside in bitcoin’s price and also point out key support levels worth monitoring during retracements.
Firstly, it’s worth keeping track of the psychological $100,000 area. Bitcoin’s price could experience selling pressure at this major level near a horizontal line that connects an array of price action on the chart between last November and late February.
However, a close above this region could see the price make a move to around $107,000. Investors who have bought the cryptocurrency’s recent breakout may decide to lock in profits in this area near the prominent December and January peaks.
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