Bitcoin

Daily

<p>Bitcoin’s price is on the verge of creating a new all-time high following the significant rally in the past few days.</p>
<p>However, the asset has faced some initial resistance and is yet to break above the March peak.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p>By <a href="http://tradingrage.com" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi (TradingRage)</a></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>On the daily chart, the asset has begun a rally since its rebound from the $52K support level. Over the past few weeks, it has broken above the 200-day moving average, located around the $64K level and the $69K resistance zone.</p>
<p>Currently, BTC is testing the $74K resistance zone, which is also its record peak and is highly likely to get broken to the upside, which would potentially lead to a longer-term rally.</p>
<p><a href="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-Daily-Oct-30-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></p>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>Looking at the 4-hour timeframe, things are much clearer, as the BTC price has gone through an accumulation period during the recent consolidation below the $68K level. This has led to a massive surge toward the $74K area.</p>
<p>However, the RSI is showing a worrying pattern, demonstrating a clear overbought signal.&nbsp;This might lead to a short-term consolidation or pullback. Yet, judging by the overall market structure, Bitcoin might well be on the verge of exploding higher in the next few months.</p>
<p><a href="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-30-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-368412" src="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-30-2024-scaled.jpg" alt="" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-30-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-30-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-30-2024-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-30-2024-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-30-2024-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-30-2024-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-30-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<h2 id="on-chain-analysis">On-Chain Analysis</h2>
<p>By <a href="http://tradingrage.com" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi (TradingRage)</a></p>
<h3 id="bitcoin-short-term-holder-sopr">Bitcoin Short-Term Holder SOPR</h3>
<p>While a new record high seems imminent on the Bitcoin price chart, the rate of profit-taking does not show such a situation. This chart presents the short-term holder SOPR metric, which measures the ratio of profits realized by investors. Values above 1 indicate profit realization, while values below 1 show losses being realized on aggregate.</p>
<p>As the chart suggests, while short-term holders are realizing profits, the STH SOPR is in no way near the level at which it was the last time BTC was trading around the $74K level. This is a positive sign, as the market might be far from getting overwhelmed with supply, and a sustainable rally higher could still be expected.<a href="https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Short-Term-Holder-SOPR-1-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-368411" src="https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Short-Term-Holder-SOPR-1-scaled.jpg" alt="" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Short-Term-Holder-SOPR-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Short-Term-Holder-SOPR-1-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Short-Term-Holder-SOPR-1-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Short-Term-Holder-SOPR-1-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Short-Term-Holder-SOPR-1-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Short-Term-Holder-SOPR-1-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Short-Term-Holder-SOPR-1-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-does-btc-have-enough-strength-to-chart-new-ath-this-week/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: Does BTC Have Enough Strength to Chart New ATH This Week?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: Does BTC Have Enough Strength to Chart New ATH This Week?

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