According to Coinworld:
In recent months, the price of Bitcoin has been reaching new highs and lows, nearing its historical peak.
Technical Analysis
Author: Edris Derakhshi (TradingRage)
Daily Chart
Within the daily time frame, the price has been rising since the rebound from the support level of $52,000.
Although the market has broken through the key 200-day moving average located around the $64,000 level and the $68 area, it has failed to surpass the historical high.
The price is currently declining towards the support level of $68,000, but due to the market structure still appearing bullish, there seems to be a possibility of a rebound and a new high being set soon.
Source: TradingView
4-Hour Chart
From the 4-hour perspective, the market is trending upward within an ascending channel. However, it has recently been excluded from the upper boundary of the channel and is currently testing the lower trendline. If the range remains unchanged, the market may soon rebound to reach historical highs.
However, a breakdown could lead to a correction towards the levels of $64,000 or even $60,000 in the coming weeks.
Source: TradingView
Sentiment Analysis
By
Edris Derakhshi (TradingRage)
Bitcoin Funding Rate
In recent years, the futures market has had a significant impact on the price movements of BTC. Therefore, analyzing its overall sentiment can assist in more accurately predicting future market trends.
This chart shows the Bitcoin funding rate indicator, which measures whether buyers or sellers are more aggressively executing leveraged positions. Positive values indicate bullish sentiment, while negative values suggest bearish expectations.
As illustrated in the chart, the funding rate has been printing positive values during the recent upward trend.
However, these values remain well below the funding rates observed during the last historical peak in March. Therefore, it can be concluded that the futures market is still not overheated, with sufficient spot demand, and prices are expected to rise in the coming weeks.
Source: TradingView
