CoinWorld reported:
After a significant increase in Bitcoin prices over the past few days, it is on the verge of reaching an all-time high. However, the asset initially faced some resistance and has not yet surpassed the peak from March.
Technical Analysis
By
Idris Derakhshi (TradingRage)
Daily Chart
On the daily chart, the asset has begun to rebound since bouncing off the support level at $52,000. Over the past few weeks, it has surpassed the 200-day moving average, which is near the levels of $64,000 and the resistance zone around $69,000. Currently, BTC is testing the resistance zone at $74,000, which also represents its record peak, and it is highly likely to break upward, potentially leading to a long-term rebound.
4-Hour Chart
From the 4-hour time frame, the situation is much clearer, as the BTC price has experienced an accumulation phase during the recent consolidation below $68,000. This led to a significant rise to the $74,000 price point. However, the RSI shows a concerning pattern, indicating clear overbought signals, which may lead to short-term consolidation or a pullback. Nevertheless, from an overall market structure perspective, Bitcoin is likely to experience explosive growth in the coming months.
On-Chain Analysis
By
Idris Derakhshi (TradingRage)
Bitcoin Short-Term Holder SOPR
While the Bitcoin price chart appears poised to reach a new high, the profit-taking rate does not reflect this situation. The chart shows the Short-Term Holder SOPR indicator, which measures the profit ratio realized by investors. Values above 1 indicate profit realization, while values below 1 indicate total realized losses. As depicted, while short-term holders are realizing profits, the STH SOPR is nowhere near the levels observed when BTC last traded around $74,000. This is a positive sign, as the market may still be far from being overwhelmed by supply and there remains potential for continued upward movement
