Bitcoin’s recovery is going well, and the market is seemingly on the verge of creating a new all-time high in the short term. Technical Analysis By TradingRage The Daily Chart As the daily chart depicts, Bitcoin’s price has been rallying since it rose above the 200-day moving average. The market has also reclaimed the K and K levels and is moving toward the K resistance zone, which could be the last obstacle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could only be a matter of time. Source: TradingViewThe 4-Hour Chart Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the bearish trendline to the upside. The market has also broken through the K
Topics:
CryptoVizArt considers the following as important: Bitcoin (BTC) Price, BTC Analysis, BTCEUR, BTCGBP, btcusd, btcusdt
This could be interesting, too:
Wayne Jones writes VanEck Analyst Predicts Successive All-Time Highs for Bitcoin in Coming Months
Jordan Lyanchev writes Bitcoin’s Peak Above K, Ripple’s Price Explosion, Meme Coin Madness: Your Weekly Crypto Recap
Dimitar Dzhondzhorov writes 4 Reasons Why Bitcoin’s (BTC) Price Might See a Short-Term Correction
Chayanika Deka writes Bitcoin Wallet Awakens After 13 Years, Transfers .67M Amid Market Surge
Bitcoin’s recovery is going well, and the market is seemingly on the verge of creating a new all-time high in the short term.
Technical Analysis
By TradingRage
The Daily Chart
As the daily chart depicts, Bitcoin’s price has been rallying since it rose above the 200-day moving average.
The market has also reclaimed the $60K and $65K levels and is moving toward the $68K resistance zone, which could be the last obstacle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could only be a matter of time.
The 4-Hour Chart
Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the bearish trendline to the upside. The market has also broken through the $65K resistance level with momentum, turning it into a support.
While almost everything points to a new record high in the coming weeks, there is one worrying signal. The RSI is showing a clear bearish divergence between the recent price highs, which could indicate a correction or even a reversal in the short term.
