Rally

Bitcoin

Reserve

Daily

<p>Bitcoin has surged to a new all-time high, approaching the $90K threshold in an impulsive rally. The combination of another Federal Reserve rate cut and President Trump’s re-election has fostered a risk-on sentiment in the markets, driving demand for risk assets like Bitcoin.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Shayan</a></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>On the daily chart, Bitcoin’s price action reflects a robust shift toward a bullish market structure. It recently broke past both the 100-day and 200-day moving averages with significant momentum and reached an ATH of $90K.</p>
<p>On the other hand, the 100-day MA has crossed above the 200-day MA, marking a Golden Cross. This technical indicator signals bullish dominance, sparking FOMO among participants who are rushing to accumulate Bitcoin.</p>
<p>However, after this sharp rise, the market is expected to enter a corrective retracement phase. For this pullback, the 0.5 ($74K) to 0.618 ($70K) Fibonacci retracement levels, aligned with Bitcoin’s prior swing high, may serve as critical support zones, providing a target for profit-taking and re-entry in the mid-term.</p>
<figure id="attachment_370459" aria-describedby="caption-attachment-370459" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTC-D-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-370459" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>On the 4-hour chart, Bitcoin remains in a bullish price channel, consistently marking higher highs and higher lows, which is characteristic of a healthy uptrend.</p>
<p>The price recently saw a strong rebound from the channel’s lower boundary near $70K, fueling the push to the new ATH of $90K.</p>
<p>Now that the price has reached the channel’s upper boundary, consolidation is underway. For the short term, a period of distribution near this level is expected, followed by a slight correction back to the channel’s middle boundary around $80K.</p>
<p>Although the current uptrend is strong, caution is advised against FOMO. The market often offers multiple opportunities for strategic entries, and a healthy correction would provide a more sustainable foundation for future gains.</p>
<figure id="attachment_370458" aria-describedby="caption-attachment-370458" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTC-4H-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-370458 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/11/BTC-4H-scaled.jpg" alt="btc_price_chart_1311242" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/BTC-4H-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/BTC-4H-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/BTC-4H-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/BTC-4H-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/BTC-4H-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/BTC-4H-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/BTC-4H-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-370458" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="on-chain-analysis">On-chain Analysis</h2>
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Shayan</a></p>
<p>Bitcoin’s recent surge to a new all-time high of $90K has prompted many market participants to take profits, with miners notably contributing to the selling pressure.</p>
<p>The Miners Position Index (MPI), which gauges miners’ selling pressure, has surged past the critical level of 2, marking a yearly high. Values above two typically signal intensified selling pressure from miners. This spike suggests that miners are offloading a substantial portion of their holdings, likely to cover operational costs given Bitcoin’s elevated price levels.</p>
<p>Since miners hold a considerable share of Bitcoin’s supply, their increased selling can intensify overall selling pressure, especially if it coincides with a reduction in demand. However, in the current context, where market participants have already been profit-taking at ATH levels, there is an increased risk of price corrections. Without sufficient buy-side support in the short term, the market may experience a deeper retracement as the selling continues.</p>
<figure id="attachment_370457" aria-describedby="caption-attachment-370457" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Miners-Position-Index-MPI-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-370457 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Miners-Position-Index-MPI-scaled.jpg" alt="btc_miners_position_index_chart_1311241" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Miners-Position-Index-MPI-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Miners-Position-Index-MPI-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Miners-Position-Index-MPI-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Miners-Position-Index-MPI-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Miners-Position-Index-MPI-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Miners-Position-Index-MPI-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Miners-Position-Index-MPI-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-370457" class="wp-caption-text">
  Source: CryptoQuant
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-will-btc-rally-to-100k-or-correct-below-80k-first/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: Will BTC Rally to $100K or Correct Below $80K First?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: Will BTC Rally to $100K or Correct Below $80K First?

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