Bitcoin’s Price Breaks All-Time High and Targets $75K
Bitcoin’s price has been climbing steadily since breaking its previous record. This has made market participants wonder how much further Bitcoin is likely to rally before experiencing a correction.
Technical Analysis by TradingRage
The Daily Chart
On the daily chart, the BTC price has recently broken past the previous all-time high of $69K. Bitcoin is currently being traded above $70K for the first time since its creation.
- A likely short-term target for the crypto market leader is the psychological resistance level of $75K.
- Reaching this zone will probably result in a short-term pullback that could lead to a retest of the $69K zone.
- The price trading far from the 200-day moving average, located around the $40K level, indicates that Bitcoin could enter a correction or consolidation phase soon.
The 4-Hour Chart
The 4-hour timeframe shows that since the price has rebounded from the $60K support level, it has been consistently making higher highs and lows.
- The market has already retested the $69K level once and bounced back up quickly.
- The Relative Strength Index indicates bullish momentum, suggesting that the market will likely reach the $75K level soon.
- If the oscillator shows an overbought signal or a bearish divergence, a short-term correction would be likely before a rally higher.
On-Chain Analysis by TradingRage
Bitcoin Miners Position Index
With Bitcoin’s price trading at all-time highs and approaching the $75K level, many market participants might be tempted to realize some profits. Analyzing whether miners are offloading their coins at a significant rate can offer valuable clues.
- The Miners Position Index (MPI) is designed to signal considerable selling behavior from miners. Values above 2 typically indicate unusual selling pressure.
- The MPI recently showed values above 2 when BTC was trading around $40K, but the selling pressure has cooled down to usual levels.
- This indicates that miners are no longer selling in huge chunks and only realizing profits to cover operational expenses. Therefore, their current behavior is not showing any worrying signs.
- With the supply shrinking, Bitcoin can rise to higher prices in the coming months.
Hot Take: Bitcoin’s Rally Continues with Resistance at $75K
Bitcoin’s price has broken its previous all-time high and is currently trading above $70K. Technical analysis suggests that a short-term target for Bitcoin is the psychological resistance level of $75K. However, reaching this zone may lead to a pullback and a retest of the $69K level. On-chain analysis shows that miners are no longer offloading their coins in large quantities, indicating a positive outlook for Bitcoin’s price in the coming months. Overall, while a correction or consolidation phase may be on the horizon, Bitcoin’s rally is expected to continue with resistance at $75K.
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