BTC Bulls Eye $70K But is a Correction Coming Before That?

Bitcoin price has seen a sharp rise over the past two weeks, heading towards a new record high.

Technical Analysis

by Anger trading

Daily chart

On the daily time frame, BTC price has been rising since bouncing off the $56k support level and the 200-day moving average.

The market has reclaimed both the $60,000 and $65,000 marks and is currently testing $68,000 – the final hurdle on the way to a new all-time high.

With the RSI also indicating clear bullish momentum, it may only be a matter of time before Bitcoin hits new record highs.

4 hour chart

Looking at the 4-hour chart, the price has been making consistently higher highs and lows, with slight pullbacks. This is a clear indication of an uptrend.

However, there is a worrying sign: the price is heading towards a bearish divergence with the RSI. Therefore, a correction may occur in the short term before the price rises to a new record high.

Sentiment analysis

by Anger trading

Bitcoin Funding Rates

As Bitcoin prices climb back above $65,000, investors are wondering whether the market can make a new all-time high anytime soon. Given the sentiment in the futures market, it seems quite possible.

This chart shows the Bitcoin funding rate metric, which measures whether buyers or sellers are executing their futures positions more aggressively (using market orders).

It provides a clear indication of whether the futures market sentiment is high or not.

As the chart indicates, funding rates are much lower than they were a few months ago when Bitcoin was trading at roughly the same price. This suggests that the futures market has slowed down significantly and is expected to see a sustained rally in the coming weeks.