bullish

Bitcoin

when

Daily

<p>Bitcoin’s price is currently at a critical level, and its reaction will likely determine the mid-term trend of the entire crypto market.</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 since it rebounded from the $52K support level and has broken both the $56K and $60K levels to the upside with momentum. However, the market has finally reached the 200-day moving average, which coincides with the key $64K resistance level.</p>
<p>A bullish breakout could lead to a new surge toward higher prices. Meanwhile, if the cryptocurrency gets rejected to the downside, the $60K level would likely support pushing it back higher.<a href="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-Daily-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 demonstrates a tricky situation for the BTC price, as it is currently consolidating in a small descending channel at the $64K level.</p>
<p>If it gets broken to the downside, this becomes a classical bearish reversal price action pattern. Meanwhile, if the asset breaks higher, the pattern would fail, and a rapid rally toward the $70K area would be expected. With the RSI also showing values above 50%, the momentum still favors a bullish continuation.</p>
<p><a href="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-362733" src="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-scaled.jpg" alt="" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<h2 id="on-chain-analysis">On-Chain Analysis</h2>
<p>By <a href="http://tradersfundhub.com" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi (TradingRage)</a></p>
<h3 id="bitcoin-short-term-holder-sopr">Bitcoin Short-Term Holder SOPR</h3>
<p>During the recent Bitcoin price consolidation and gradual correction, many short-term holders have panicked and sold their holdings, even those not in profit. This chart shows the Bitcoin Short-Term Holder SOPR, which measures the ratio of profits/losses realized by short-term investors.</p>
<p>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 realized losses since July, as the metric has dropped below one. However, with the recent price rally, these investors are now realizing profits again.</p>
<p>While this is a natural behavior in bull markets, if the selling pressure resulting from this profit-taking is not met with sufficient demand, the market could be overwhelmed and drop lower again.<a href="https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Short-Term-Holder-SOPR-1-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-362732" src="https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Short-Term-Holder-SOPR-1-scaled.jpg" alt="" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Short-Term-Holder-SOPR-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Short-Term-Holder-SOPR-1-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Short-Term-Holder-SOPR-1-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Short-Term-Holder-SOPR-1-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Short-Term-Holder-SOPR-1-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Short-Term-Holder-SOPR-1-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Short-Term-Holder-SOPR-1-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-is-btc-heading-toward-70k-or-60k-next/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: Is BTC Heading Toward $70K or $60K Next?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: Is BTC Heading Toward $70K or $60K Next?

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