Current dynamics

Last week, the BTC/USD pair corrected to the 90900.00 mark, but then regained its lost positions and is now trading around 97000.00. Despite the continuation of the upward trend, significant growth of the trading instrument is restrained by the psychologically important resistance level of 100000.00, the overcoming of which depends on the achievement of new historical highs.

Fundamental factors remain positive for the cryptocurrency market: investors hope that the coming to power of the administration of the elected US President Donald Trump will give a new impetus to the development of the digital asset sector thanks to clear and loyal regulatory rules, while BTC may receive the status of an American state reserve asset, which will likely cause similar actions from the G7 countries, significantly increasing the value of the world's first cryptocurrency. Geopolitical tensions also contribute to the growth of tokens: the planned increase in duties on goods imported to the US may lead to "trade wars" and serious pressure on the global economy, and experts note that digital currencies are perceived by most investors as a safe haven asset, although less significant than the US dollar for now.

However, at the beginning of last week, Bitcoin ETFs lost $558.1 million, but since Wednesday, investment growth has resumed and by the end of the week amounted to $423.0 million. The open index to Bitcoin futures continues to hold steadily above $60.0 billion.

Thus, attempts at further growth of the BTC/USD pair and testing the 100000.00 mark in the near future seem to be the most likely scenario.

Support and resistance levels

Technically, the price is close to the 100000.00 mark (Murray level [8/8]), consolidation above which will open the opportunity to strengthen the upward dynamics to the 106250.00 (Murray level [ 1/8]) and 112500.00 (Murray level [ 2/8]) marks. The key level for the "bears" remains the 87500.00 (Murray level [6/8]) level, supported by the lower line of the Bollinger Bands, upon a breakout of which downwards the decline may resume to the targets of 75000.00 (Murray level [4/8]) and 68750.00 (Murray level [3/8]), but for now this scenario seems less likely.

Technical indicators point to the continuation of the upward trend: Bollinger bands are directed upwards, MACD is decreasing, but remains in the positive zone, while Stochastic is turning down from the overbought zone, which does not exclude a corrective decline, but its potential seems limited.

Resistance levels: 100000.00, 106250.00, 112500.00.

Support levels: 87500.00, 75000.00, 68750.00.

Trading scenarios

Long positions can be opened above the 100000.00 mark or when the price reverses around 87500.00 with targets at 106250.00, 112500.00 and stop losses at 95000.00 and 83000.00, respectively. Implementation period: 5-7 days.