BTC Needs to Hold This Support Level Before Challenging the $73.8K ATH (Bitcoin Price Analysis)

The price of Bitcoin is on the verge of achieving a new all-time high after rising beyond the $70,000 line earlier this week, and market participants are wondering how much higher the price of Bitcoin can go.

However, there is still one hurdle remaining as the asset has fallen below this level.

by TradingRage

Daily chart

On the daily chart, Bitcoin has been rising since its bounce from the $60,000 support level. It was recently tested and rejected by the upper limit of a large bearish channel. Currently, the price is supported at $69,000.

If the line continues, Bitcoin could rise again towards the upper limit of the channel and possibly higher towards the $75,000 resistance area. However, the asset is quite uncertain at this point, with some dips underneath.

Four-hour chart

The 4-hour time frame shows a clearer picture of Bitcoin's recent price movement. The price has made lower highs and lower lows since its rejection from the upper limit of the large channel. However, it is currently breaching the downtrend line it recently established.

With the RSI also rising above the 50% threshold, the momentum appears to be shifting in favor of the buyers once again. Therefore, if the $69,000 support level holds, it will only be a matter of time before the price reaches the $75,000 region and makes a new high.

by TradingRage

Short Term Bitcoin Holder SOPR

While the price of Bitcoin is rebounding after two months of correction and consolidation, evidence shows that many market participants have exited the market, selling their coins to new investors.

This chart shows the SOPR metric for short-term BTC holders, which measures the ratio of realized profits/losses. Values ​​greater than one indicate an overall profit, while numbers less than one indicate selling at a loss.

As the chart shows, the SOPR measure fell sharply during the recent correction, falling back to one. This indicates that many short-term coin holders have exited the market and made profits, selling their coins to new entrants.

Meanwhile, as the gauge rebounds, short-term holders are taking profits again as prices rise. However, as long as there is enough demand, the price can continue to rise.