Stock Futures Little Changed as Market Aims to Rebound From Sell-Off; Bitcoin Hits Record High Near $112,000

Bitcoin Levels to Watch as Cryptocurrency Keeps Surging

9 minutes ago

Bitcoin (BTCUSD) surged above $110,000 for the first time on Wednesday, surpassing its previous record set just before President Donald Trump’s January inauguration, and has continued moving higher this morning.

The cryptocurrency gathered momentum after the Senate on Monday voted to advance a bill that establishes a regulatory framework for stablecoins and JPMorgan Chase CEO Jamie Dimon, a longtime crypto skeptic, said the bank would allow clients to buy bitcoin. 

The digital asset has also received a boost recently from growing demand from corporate treasuries. Michael Saylor’s Strategy (MSTR), which popularized the idea, purchased an additional $765 million worth of Bitcoin last week, bringing the value of its holdings in the cryptocurrency to more than $63 billion. 

These latest developments reinforce expectations that Washington remains committed to developing a crypto-friendly regulatory framework and highlight the accelerating corporate acceptance of digital assets.

Since bottoming out last month, bitcoin’s price has trended higher within a rising wedge, a chart pattern that signals a potential reversal upon a breakdown. Moreover, it’s worth pointing out the move higher has occurred on decline trading volume, indicating that larger market participants may remain on the sidelines.

However, more recently, the price has edged toward the pattern’s upper trendline in a move that has coincided with the relative strength index crossing into overbought territory. In another win for BTC bulls, the 50-day moving average crossed above the 200-day MA on Wednesday to form a golden cross, a chart event indicating further upside.

Bars pattern analysis projects a bullish price target of around $120,000. Investors should also monitor crucial support levels on bitcoin’s chart around $107,000, $100,000, and $92,000.

Bitcoin was trading at $111,300 recently, after hitting a fresh high of just under $112,000 this morning.

Read the full technical analysis piece here.

–Timothy Smith

Major Index Futures Point to Lower Open

55 minutes ago

Futures tied to the Dow Jones Industrial Average were down 0.5%.

S&P 500 futures were off 0.4%.

Nasdaq 100 futures also declined 0.4%.