This level must fall to a new all-time high (BTC Price Analysis)

After a bullish surge towards the $71,000 threshold, Bitcoin faced increased selling pressure, leading to a slight bearish rejection.

However, the cryptocurrency is encountering a robust support region that may spark a renewed bullish move in the near term.

Technical Analysis

By Shayan

The daily chart

A detailed analysis of the daily chart reveals that after a resurgence in demand and a bullish surge towards the significant resistance region of $72,000, Bitcoin encountered selling pressure, leading to a slight bearish pullback. The $72,000-$74,000 price range is of major importance, serving as formidable resistance that has halted several bullish attempts in recent months.

On the other hand, the substantial 100-day moving average at $66,000 acts as a crucial support region. This MA is accompanied by notable demand, which could stop further selling pressure. However, Bitcoin price is bounded between the 100-day MA and the $72,000 resistance region, with an imminent breakout needed to initiate a robust price trend.

Source: TradingView The 4-hour chart

On the 4-hour chart, after an increase in buying pressure took the price of Bitcoin to $72,000, the cryptocurrency reached the upper limit of a multi-month descending wedge. However, significant supply in this crucial range caused the bullish momentum to fade, leading to a slight rejection and a sideways consolidation correction.

Currently, Bitcoin has formed a smaller wedge pattern near the upper limit of $70,000, with the price closing in on its narrow range. If Bitcoin breaks above the upper boundary of the wedge, it may signal an extended uptrend, with the key resistance zone at $74,000 as a target.

Currently, the price is restricted within a narrow range defined by the wedge pattern. An imminent breakout of this range will shape Bitcoin’s next path.

Source: TradingView chain analysis

By Shayan

Whales are among the most influential participants in crypto markets, holding significant positions that can significantly affect price movements. Analyzing the profitability of these players provides valuable insights into market sentiment and conditions. The chart provided illustrates the price metric performed for the former cohort of whales, which reflects the ratio of Bitcoin supply to profit.

The chart shows that the realized price of new whales has consistently acted as a major support for Bitcoin during the recent uptrend towards the all-time high (ATH) of $74,000. During the recent rejection of the $74,000 mark, the realized price of new whales has supported Bitcoin significantly, contributing to a strong rally. Accordingly, the realized price of new whales, approximately $62.8 thousand, now serves as a key support region for short-term Bitcoin buyers.

The profitability of the new whales, as reflected in the realized price metric, suggests that these influential market participants continue to see value in Bitcoin above this support level. This sentiment underpins a bullish outlook as long as the price remains above $62.8K.

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