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BTC must hold this support level before it can reach the all-time high of $73,800 (Bitcoin Price Analysis)

Bitcoin price is on the verge of hitting a new all-time high after breaking above the $70,000 mark earlier this week, and market participants are wondering how much further the BTC price will rise.

However, there is still an obstacle as the asset has fallen below this level.

By TradingRage

The daily chart

On the daily chart, BTC has been gaining since its recovery from the $60,000 support level. It was recently tested and rejected by the upper boundary of the major descending channel. Currently, the price is supported by the $69,000 level.

If the line holds, Bitcoin can once again rise towards the upper boundary of the channel and possibly further towards the $75,000 resistance zone. However, the asset is quite uncertain at this point as it has traded below it a few times.

The 4-hour chart

The 4-hour time frame shows a clearer picture of Bitcoin’s recent price action. The price has been making lower highs and lower lows since it rejected the upper boundary of the major channel. However, it is currently breaking the bearish trend line it recently created.

With the RSI also rising above the 50% threshold, the momentum seems to be shifting in favor of buyers again. So, if the $69,000 support level holds, it would only be a matter of time before the price rises to the $75,000 area and sets a new record high.

By TradingRage

Bitcoin short-term holders SOPR

As the Bitcoin price recovers after two months of correction and consolidation, evidence suggests that many market participants have exited the market and sold their coins to new investors.

This chart shows the SOPR metric for short-term BTC holders, which measures the ratio of realized profits to realized losses. Values ​​above one indicate an overall profit realization, while values ​​below one indicate a sale at a loss.

As the chart shows, the SOPR value has dropped sharply during the recent correction, falling back to one. This suggests that many short-term holders have exited the market and made profits by selling their coins to new entrants.

As the price recovers, short-term holders take profits again as the price rises. But as long as there is enough demand, the price can continue to rise.

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Cryptocurrency charts from TradingView.

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