BTC can aim for a new all-time high only if it holds this crucial level – Bitcoin Price Analysis

Bitcoin price once again failed to reach a new all-time high last week.

However, the bull market may be far from over.

Technical Analysis

By Edris Derakhshi (TradingRage)

The daily chart

On the daily chart, the asset has rejected from the $74,000 resistance level and is currently testing the $69,000 support zone. If this area holds, the market could hit a record high soon.

However, in the event of a breakdown, the 200-day moving average, located around the $64,000 level, would be the next area of ​​interest. Meanwhile, judging by the overall market structure, the trend can still be considered bullish and it could only be a matter of time before BTC starts a new rally.

The 4 hour chart

Looking at the 4-hour chart, the price broke below the ascending channel a few days ago and has not been able to recover since then. However, a double bottom pattern is currently forming with a bullish RSI divergence at the $69,000 support zone.

A bullish continuation could be expected if the asset successfully climbs back above the $70,000 mark and inside the channel. However, a further correction towards the $64,000 support level is still possible, especially if the $69,000 area is broken to the downside.

Chain analysis

By Edris Derakhshi (TradingRage)

Active Bitcoin addresses

Although the price of Bitcoin has recovered from its frustrating correction over the past few months, many industry participants are hopeful that the bull market is about to begin. However, one key metric is still lagging.

This chart presents the 100-day moving average of active BTC addresses. As is evident, the amount of activity on the network has been the lowest it has been in the last two years, which is not a good sign. However, the number of active addresses has been gradually increasing, which is a typical sign at the beginning of an uptrend. Therefore, if this growth in network activity continues, higher Bitcoin prices can be expected soon.

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