Bitcoin’s Price Breaks Higher, Pointing to New All-Time High
Bitcoin has finally achieved a new higher high after a period of consolidation and correction, leading many investors to believe that a new all-time high is on the horizon.
Technical Analysis
By TradingRage
The Daily Chart
On the daily chart, Bitcoin has broken above the key $48K resistance level and is now aiming for the $52K resistance level in the short term. The Relative Strength Index indicates an overbought signal, suggesting a possible correction in the near future. However, with the $48K level turning into support, a significant decline seems unlikely.
The 4-Hour Chart
Examining the 4-hour timeframe, Bitcoin’s price has been rising steadily and easily surpassing multiple resistance levels. Although it is currently trading above $48K, it faced rejection at the psychological $50K resistance level. A retest of the $48K level before further upward movement towards the $52K resistance zone is likely.
On-Chain Analysis
By TradingRage
Bitcoin Miner Reserve
Despite Bitcoin’s rapid price rise, not all market participants share an optimistic outlook. Miners appear to be among the skeptical group.
The miner reserve metric measures the amount of BTC held in miners’ wallets. A decrease suggests miners are selling their coins, while an increase indicates accumulation. The chart shows a significant decline in miner reserves during the recent price rally, implying that miners are capitalizing on increased demand to realize profits. While this behavior is expected in bullish markets, if demand weakens, the resulting selling pressure could lead to a bearish reversal.
By
By
By
By
By