The current price of Bitcoin has not surpassed its previous all-time high, but based on both technical and fundamental analysis, it could reach that milestone soon.
Bitcoin Price Analysis: Technicals
By TradingRage
The Daily BTC Chart
For the past month, Bitcoin’s price has been confined within a sizable triangle structure on the daily chart.
Currently, the price is approaching the upper limit of the pattern around $70K. If the triangle breaks up bullishly, it’s likely that we will witness an uptrend and eventually reach a new record high.
The 4-Hour BTC Chart
On the 4-hour chart, Bitcoin’s price has been fluctuating near the upper boundary of the triangle and the $70,000 mark in recent times. Notably, the $68,000 area has shown significant resistance, preventing any potential decline into the triangle pattern.
Additionally, the Relative Strength Index is currently displaying figures above 50%, implying that the market’s momentum is presently bullish. Consequently, a surge toward the $75K mark and potentially beyond appears plausible in the near future if the price doesn’t retrace within the pattern.
Sentiment Analysis
By TradingRage
Bitcoin Long Liquidations
The price of Bitcoin has been hovering around the $70,000 level for some time now, without exhibiting any clear intention to move up or down. However, signals from the futures market indicate that a shift may be imminent.
This chart demonstrates the long Bitcoin liquidations. It measures the amount of liquidations of long contracts. As the chart shows, during the recent consolidation, a significant amount of long positions were liquidated. Therefore, the futures market has seemingly cooled down, and BTC might be able to continue its rally soon and make a new all-time high.
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2024-04-11 17:32