bullish

Bitcoin

when

Daily

<p>Bitcoin’s price has been consolidating around its all-time high over the last few days following a massive surge of over 30%.</p>
<p>As things currently stand, the bull run is seemingly not over yet.</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 been rallying aggressively since breaking above the $74K level. Currently, the market is struggling to get past the $92K mark, as the RSI is also showing an overbought state.</p>
<p>Yet, as the market structure suggests, it could only be a matter of time before BTC trades above $100,000, the long-term target for many investors over recent years.<a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-Daily-Nov-19-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></p>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>The 4-hour chart depicts a clear picture of the recent price consolidation, as the market has been forming a symmetrical triangle pattern around the $90K region.</p>
<p>These patterns can be continuation or reversal patterns, depending on the direction of the breakout. Yet, even if the asset breaks the pattern to the downside, it would likely be a short-term correction, as the overall trend remains bullish as long as the $80K support level is intact.<br> <a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-19-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-371222" src="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-19-2024-scaled.jpg" alt="" width="2560" height="1372" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-19-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-19-2024-300x161.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-19-2024-1024x549.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-19-2024-768x411.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-19-2024-1536x823.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-19-2024-2048x1097.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-19-2024-50x27.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="short-term-holder-sopr-ema-30">Short-Term Holder SOPR (EMA 30)</h3>
<p>As always, technical analysis on its own might not be sufficient to understand the market dynamics of Bitcoin. Therefore, it’s beneficial to utilize the transparency provided by the Bitcoin blockchain to have a better picture of investors’ behavior.</p>
<p>This chart presents the Bitcoin Short-Term Holder SOPR, which measures the ratio of profits realized by holders who have bought their BTC in the last 155 days.</p>
<p>As the chart suggests, the 30-day exponential moving average of the STH-SOPR has been rapidly rising again, but it has yet to reach the values previously seen when BTC was trading around $70K earlier this year.</p>
<p>This could indicate that short-term market participants are realizing their profits less aggressively. As a result of this decrease in selling pressure compared to before, Bitcoin is likely to rally much higher in the near term.<a href="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Short-Term-Holder-SOPR-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-371220" src="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Short-Term-Holder-SOPR-scaled.jpg" alt="" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Short-Term-Holder-SOPR-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Short-Term-Holder-SOPR-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Short-Term-Holder-SOPR-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Short-Term-Holder-SOPR-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Short-Term-Holder-SOPR-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Short-Term-Holder-SOPR-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Short-Term-Holder-SOPR-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-consolidation-nears-its-end-as-btc-prepares-for-new-all-time-high/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: Consolidation Nears its End as BTC Prepares for New All-Time High</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: Consolidation Nears its End as BTC Prepares for New All-Time High

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