bullish

Bitcoin

Daily

<p>Bitcoin’s price once again failed to reach a new all-time high last week.</p> 
<p>However, the bull market might be far from over.</p> 
<h2 id="technical-analysis">Technical Analysis</h2> 
<p>By <a href="http://tradingrage.com" data-wpel-link="external" target="_blank">Edris Derakhshi (TradingRage)</a></p> 
<h3 id="the-daily-chart">The Daily Chart</h3> 
<p>On the daily chart, the asset has been rejected from the $74K resistance level, and the $69K support zone is currently being tested. If this area holds, the market could reach a record high soon.</p> 
<p>However, in case of a breakdown, the 200-day moving average, located around the $64K level, would be the next area of interest. Meanwhile, judging by the overall market structure, the trend can still be considered bullish, and it could only be a matter of time for BTC to start a new rally.<a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-Daily-Nov-5-2024-scaled.jpg" data-wpel-link="internal"></a></p> 
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3> 
<p>Looking at the 4-hour chart, the price broke below the ascending channel a few days ago and has failed to recover since. Yet, a double-bottom pattern with a bullish RSI divergence is currently forming at the $69K support zone.</p> 
<p>A bullish continuation could be expected if the asset successfully climbs back above the $70K mark and inside the channel. Yet, a further correction toward the $64K support level is still possible, especially if the $69K area is broken to the downside.<a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-5-2024-scaled.jpg" data-wpel-link="internal"><img class="aligncenter size-full wp-image-369184" src="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-5-2024-scaled.jpg" alt="" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-5-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-5-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-5-2024-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-5-2024-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-5-2024-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-5-2024-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-5-2024-50x26.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">Edris Derakhshi (TradingRage)</a></p> 
<h3 id="bitcoin-active-addresses">Bitcoin Active Addresses</h3> 
<p>While Bitcoin’s price has been recovering from its frustrating correction over the last few months, many industry participants are hopeful that the bull market is about to begin. Yet, a key metric is still lagging behind.</p> 
<p>This chart presents the 100-day moving average of the BTC active addresses. As evident, the amount of network activity is at its lowest over the past couple of years, which is not a good sign. However, the number of active addresses has been increasing gradually, which is a typical signal at the beginning of bullish trend. Therefore, if this growth in network activity continues, higher Bitcoin prices can be expected soon.<a href="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-scaled.jpg" data-wpel-link="internal"><img class="aligncenter size-full wp-image-369182" src="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-scaled.jpg" alt="" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Active-Addresses-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p> 
<p>The post <a href="https://cryptopotato.com/btc-can-aim-for-new-all-time-high-only-if-it-holds-this-crucial-level-bitcoin-price-analysis/" rel="nofollow">BTC Can Aim for New All-Time High Only if it Holds This Crucial Level: Bitcoin Price Analysis</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

BTC Can Aim for New All-Time High Only if it Holds This Crucial Level: Bitcoin Price Analysis

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