Markets
This level needs to fall to reach a new all-time high (BTC price analysis)
Following a bullish surge towards the $71,000 mark, Bitcoin faced increased selling pressure, leading to a slight bearish rejection.
However, the cryptocurrency encounters a solid support region that could lead to a renewed bullish movement in the short term.
Technical analysis
From Shayan
The daily chart
A detailed analysis of the daily chart reveals that after a pickup in demand and a bullish spike towards the significant $72,000 resistance region, Bitcoin encountered selling pressure, leading to a slight bearish retracement. The price range between $72,000 and $74,000 is of significant importance, serving as a formidable resistance that has stopped several upside attempts in recent months.
On the other hand, the substantial 100-day moving average of $66,000 serves as a crucial support region. This moving average is accompanied by significant demand, which could potentially halt further selling pressure. However, Bitcoin price is confined between the 100-day moving average and the $72,000 resistance region, with an imminent breakout needed to initiate a robust price trend.
The 4-hour chart
On the 4-hour chart, after an increase in buying pressure pushed Bitcoin’s price up to $72,000, the cryptocurrency hit the upper limit of a multi-month descending wedge. However, significant supply in this crucial range caused the bullish momentum to fade, resulting in a slight rejection and sideways consolidation correction.
Currently, Bitcoin has formed a smaller wedge pattern near the $70,000 upper limit, with the price approaching its tight range. If Bitcoin breaks above the upper boundary of the wedge, it could indicate a prolonged uptrend, with the key $74,000 resistance zone as the target.
Currently, the price is limited within a narrow range defined by the wedge pattern. An imminent breakout from this range will determine Bitcoin’s next path.
Chain analysis
From Shayan
Whales are among the most influential participants in cryptocurrency markets, holding substantial positions that can have a significant impact on price movements. Analyzing the profitability of these players provides valuable insights into market sentiment and conditions. The chart provided illustrates the realized price metric for the old whale cohort, which reflects the proportion of Bitcoin supply in profit.
The chart demonstrates that the realized price of new whales has consistently acted as significant support for Bitcoin during the recent uptrend towards the all-time high (ATH) of $74,000. During the recent rejection from the $74,000 mark, the realized price of the new whales significantly supported Bitcoin, contributing to a strong surge. As a result, the new whales’ realized price of around $62,800 now serves as a key support region for Bitcoin buyers in the near term.
The profitability of the new whales, as reflected in the realized price metric, suggests that these influential market participants continue to see value in Bitcoin above this support level. This sentiment underlies a bullish outlook as long as the price remains above $62.8 thousand.
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Cryptocurrency charts from TradingView.