Bitcoin’s price is on the verge of creating a new all-time high following the significant rally in the past few days. However, the asset has faced some initial resistance and is yet to break above the March peak. Technical Analysis By Edris Derakhshi (TradingRage) The Daily Chart On the daily chart, the asset has begun a rally since its rebound from the K support level. Over the past few weeks, it has broken above the 200-day moving average, located around the K level and the K resistance zone. Currently, BTC is testing the K resistance zone, which is also its record peak and is highly likely to get broken to the upside, which would potentially lead to a longer-term rally. The 4-Hour Chart Looking at the 4-hour timeframe, things are much clearer, as the BTC
Topics:
CryptoVizArt considers the following as important: Bitcoin (BTC) Price, BTC Analysis, BTCEUR, BTCGBP, btcusd, btcusdt
This could be interesting, too:
Mandy Williams writes Semler Scientific Tops Bitcoin Stash With M Purchase
George Georgiev writes Bitcoin Plunges to K Amid Heightened Volatility
Wayne Jones writes MARA Closes 0M Convertible Note Offering to Boost Bitcoin Holdings
Mandy Williams writes Experts and Analysts React to Bitcoin’s Surge Past 0K: What’s Next?
Bitcoin’s price is on the verge of creating a new all-time high following the significant rally in the past few days.
However, the asset has faced some initial resistance and is yet to break above the March peak.
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
On the daily chart, the asset has begun a rally since its rebound from the $52K support level. Over the past few weeks, it has broken above the 200-day moving average, located around the $64K level and the $69K resistance zone.
Currently, BTC is testing the $74K resistance zone, which is also its record peak and is highly likely to get broken to the upside, which would potentially lead to a longer-term rally.
The 4-Hour Chart
Looking at the 4-hour timeframe, things are much clearer, as the BTC price has gone through an accumulation period during the recent consolidation below the $68K level. This has led to a massive surge toward the $74K area.
However, the RSI is showing a worrying pattern, demonstrating a clear overbought signal. This might lead to a short-term consolidation or pullback. Yet, judging by the overall market structure, Bitcoin might well be on the verge of exploding higher in the next few months.
On-Chain Analysis
By Edris Derakhshi (TradingRage)
Bitcoin Short-Term Holder SOPR
While a new record high seems imminent on the Bitcoin price chart, the rate of profit-taking does not show such a situation. This chart presents the short-term holder SOPR metric, which measures the ratio of profits realized by investors. Values above 1 indicate profit realization, while values below 1 show losses being realized on aggregate.
As the chart suggests, while short-term holders are realizing profits, the STH SOPR is in no way near the level at which it was the last time BTC was trading around the $74K level. This is a positive sign, as the market might be far from getting overwhelmed with supply, and a sustainable rally higher could still be expected.