Watch These Bitcoin Price Levels as Investors Load Up on Bitcoin ETFs

investopedia.com:

Bitcoin (BTC) could make more headlines today as the leading cryptocurrency’s price hovers around a three-month high just below the closely watched $67,000 mark.

The digital asset, currently around 6% higher this week, has received a boost in recent days from significant inflows into spot Bitcoin exchange traded funds (ETFs). So far this week, the 12 U.S. funds have amassed nearly $1.4 billion in net inflows, with the ETFs on track to record strong weekly inflows.

The surge in ETF inflows indicate that the Federal Reserve’s half-percentage-point cut to its benchmark funds rate last month may be renewing investor optimism for the broader asset class.

Below, we’ll take a close look at the technicals on Bitcoin’s chart and point out key price levels to watch for.

Since topping out in early March, Bitcoin’s price has oscillated within a symmetrical triangle, potentially consolidating before breaking out above the pattern to continue a longer-term uptrend.

However, it’s worth pointing out that trading volumes on Coinbase (COIN), the largest U.S crypto exchange, have trended lower in recent months, indicating that many investors may still be on the sidelines, waiting for a decisive breakout.

Let’s turn to Bitcoin’s chart to forecast several potential price targets above the cryptocurrency’s record high and identify two key support levels investors may be watching.

To project our first upside target, we’ll use the measuring principle. This works by calculating the distance between the symmetrical triangle’s two trendlines near their widest point and adding that figure to the pattern’s top trendline. For example, we add $24,000 to $68,500, which forecasts a price target of $92,500, around 38% above Bitcoin’s current