Bitcoin climbs above $66,000, is a new all-time high in sight? (BTC Price Analysis)

Bitcoin price is finally gaining some upward momentum after almost two months of correction. It looks like the bulls are looking to set a new record high in the coming weeks, but will they succeed?

Technical Analysis

By TradingRage

The daily chart

Bitcoin’s daily price action has shown apparent corrective behavior. The cryptocurrency has been making lower highs and lower lows since dropping below $75,000. The gradual decline within a descending channel shows that the market was in a corrective phase rather than a full reversal to the downside.

However, the price has finally broken through the middle line of the channel and is on its way to testing the upper limit of the pattern. In case of a bullish break above the descending channel, market participants can finally expect a rally to higher levels.

Source: TradingView The 4-hour chart

Looking at the 4-hour period, the price has recently broken above the midline of the descending channel and retested it. As a result, the market is currently targeting the $68,000 resistance level. A break above this area would likely result in a rally above the channel and towards the $75,000 all-time high.

With the RSI showing values ​​above 50%, the momentum is bullish and the aforementioned targets seem achievable.

Source: TradingView On-Chain Analysis

By TradingRage

Bitcoin Exchange Reserve

During the recent drop in Bitcoin prices below $60,000, many investors have panicked and sold their coins to avoid huge losses. This can be interpreted from the chart of exchange reserves shown here. Clearly, the metric has risen above its 30-day moving average, which shows that many investors were depositing their coins on exchanges to sell them.

However, with the market climbing back above $60,000, stocks have fallen again, falling below the 30-day moving average and even making a new low. Therefore, it appears that investors are pulling their coins from exchanges as they expect a longer price rise.

This behavior may lead to a supply shock and reduced selling pressure could contribute to a further increase in BTC price and potentially a new record high.

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