Bitcoin Pares Record High as Trump Omits Cryptocurrency in Inaugural Address
Key Takeaways:
* Bitcoin reached a new all-time high above $109,000 before US President Donald Trump's inauguration.
* The cryptocurrency lost some gains after Trump failed to mention it in his address.
* Bearish candlestick patterns suggest a potential downward correction.
* Key support levels to monitor include $92,000, $87,000, and $74,000.
* Important overhead resistance areas to watch are $106,000 and $120,000.
After setting a record high, Bitcoin (BTCUSD) pared its gains as President Trump made no mention of cryptocurrency in his inaugural address. The pullback follows two bearish candlestick patterns that warn of a potential price reversal.
Investors should monitor key support levels on Bitcoin's chart at $92,000, $87,000, and $74,000. Overhead resistance areas to consider are $106,000 and $120,000.
The $92,000 level aligns with the early-November peak and pullback troughs. Below it, the $87,000 area coincides with the bottom of a pennant pattern. A further decline towards $74,000 may attract long-term investors near a multi-month horizontal line.
If Bitcoin continues higher, the $106,000 area remains a critical resistance point. Above that, the measured move target of $120,000 may encounter selling pressure.
The information provided is for informational purposes only and should not be considered investment advice.