Bitcoin Rises Above $70,000, Hits New All-Time High, But There’s a Catch (BTC Price Analysis)

Bitcoin price appears to be on the verge of making a new all-time high as only a zone of significant resistance stands in its way.

Technical Analysis

By TradingRage

The daily chart

The price has tested the upper limit of the large descending channel and the $69,000 resistance level on the daily time frame. If it successfully breaks this zone on the upside, the market can advance towards the $75,000 ATH and even create a new record high.

With the relative strength index also showing values ​​above 50%, the momentum is in favor of a bullish continuation and it could only be a matter of time before BTC starts to recover again.

Source: TradingView fThe 4-Hour Chart

Things are a bit more complicated in the 4 hour period. The price has struggled to hold above the $69,000 resistance level and has been consolidating within a symmetrical triangle pattern.

However, the higher trend line of the pattern has recently been broken. This means that a new all-time high is almost imminent.

However, a deep drop towards the $60,000 support level could be expected if the price breaks back inside the triangle pattern. Meanwhile, the bullish scenario is more likely at the moment.

Source: TradingView On-Chain Analysis

By TradingRage

Short-term holder of Bitcoin SOPR

While the price of Bitcoin approaches its all-time high around $75,000, market participants are wondering if the market is once again overheating. Analysis of the short-term holder’s SOPR could provide an answer to this question.

Short-term holder SOPR is an on-chain metric that measures the ratio of realized gains to realized losses. Values ​​greater than one show profit making, while values ​​below one are associated with overall loss making by short-term holders. Note that short-term holders are investors who have held their coins for less than 155 days.

This chart shows the 30-day exponential moving average of the STH SOPR metric. As is evident, the metric shows values ​​above one, which points to the realization of profits by investors. However, these values ​​are much smaller than those seen during the all-time high of $75,000. Therefore, the market has cooled compared to March, and a sustainable rally could be set up soon.

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