Bitcoinās price has recovered from a sudden drop following a rejection from the $48K level. Meanwhile, the cryptocurrency has yet to reach a higher high.
By TradingRage
On the daily timeframe, the price has been rising over the past few weeks after rebounding from the $40K support level. The market is currently rising toward the $48K resistance level once more. The Relative Strength Index is also showing values above the 50% level, indicating that the momentum is in favor of a further bullish continuation.
In case BTCās price breaks above the $48K level, the market will likely head for a new all-time high in the coming months.
Source: TradingView
Looking at the 4-hour chart, the recent action becomes more clear. The price is currently testing the $45K resistance level, but the momentum is seemingly fading.
The Relative Strength Index is also showing a clear overbought signal. Therefore, it is probable that consolidation or a correction will occur in the short term before the market can continue toward making a higher high.
Source: TradingView
By TradingRage
While Bitcoinās price has been recovering from the recent drop, some network fundamentals are cooling down. This can be interpreted as a bullish signal, as supply is seemingly shrinking.
This chart demonstrates the Bitcoin short-term holder spent output profit ratio (SOPR). The SOPR metric is a ratio of spent outputs (alive more than 1 hour and less than 155 days) in profit at the time of the window. Values over ā1ā indicate more short-term investors are selling at a profit. On the contrary, values below ā1ā indicate that more short-term investors are selling at a loss.
While the SOPR has recently displayed very high values, the metric is currently declining. This points to the fact that many short-term investors have sold their coins, and the selling pressure is decreasing. In case this continues, a sustainable uptrend can be expected in the short term.
Source: CryptoQuant
The post BTC Explodes Above $45K: Hereās the Next Crucial Target (Bitcoin Price Analysis) appeared first on CryptoPotato.
Technical Analysis
By TradingRage
The Daily Chart
On the daily timeframe, the price has been rising over the past few weeks after rebounding from the $40K support level. The market is currently rising toward the $48K resistance level once more. The Relative Strength Index is also showing values above the 50% level, indicating that the momentum is in favor of a further bullish continuation.
In case BTCās price breaks above the $48K level, the market will likely head for a new all-time high in the coming months.
Source: TradingView
The 4-Hour Chart
Looking at the 4-hour chart, the recent action becomes more clear. The price is currently testing the $45K resistance level, but the momentum is seemingly fading.
The Relative Strength Index is also showing a clear overbought signal. Therefore, it is probable that consolidation or a correction will occur in the short term before the market can continue toward making a higher high.
Source: TradingView
On-Chain Analysis
By TradingRage
Bitcoin Short-Term Holders Spent Output Profit Ratio (SMA 30)
While Bitcoinās price has been recovering from the recent drop, some network fundamentals are cooling down. This can be interpreted as a bullish signal, as supply is seemingly shrinking.
This chart demonstrates the Bitcoin short-term holder spent output profit ratio (SOPR). The SOPR metric is a ratio of spent outputs (alive more than 1 hour and less than 155 days) in profit at the time of the window. Values over ā1ā indicate more short-term investors are selling at a profit. On the contrary, values below ā1ā indicate that more short-term investors are selling at a loss.
While the SOPR has recently displayed very high values, the metric is currently declining. This points to the fact that many short-term investors have sold their coins, and the selling pressure is decreasing. In case this continues, a sustainable uptrend can be expected in the short term.
Source: CryptoQuant
The post BTC Explodes Above $45K: Hereās the Next Crucial Target (Bitcoin Price Analysis) appeared first on CryptoPotato.
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