Bitcoin's price has broken post a key level recently and is seemingly targeting a new all-time high in the short term.
By Edris Derakhshi (TradingRage)
On the daily chart, the price has finally broken above the $64K level and the 200-day moving average, which is located around the same mark.
With the RSI also showing a clear bullish momentum, the cryptocurrency will likely continue its uptrend toward the $68K resistance zone in the short term.
Otherwise, in case of a correction, the 200-day moving average is still likely to hold the price and push the market higher.
Looking at the 4-hour timeframe, the price has been creating higher highs and lows ever since its rebound from the $52K support level.
The market's bullish move has created a clear trendline, which has been supporting Bitcoin for weeks. If this trend remains intact, it will only be a matter of time before the market reaches the $68K level.
On the other hand, if the trendline gets broken to the downside, at least a pullback to the $60K level would be probable.
By Edris Derakhshi (TradingRage)
During the recent Bitcoin price consolidation and gradual correction, many short-term holders, even those not in profit, panicked and sold their coins. This chart shows the Bitcoin Short-Term Holder SOPR, which measures the ratio of profits/losses realized by short-term investors.
As the chart suggests, the STH SOPR made a new record high when the price hit $70K first, but it has rapidly declined during the past few months. Short-term holders have even been realizing losses since July, as the metric has dropped below one. However, with the recent price rally, these investors are now realizing profits once again.