That’s what it will take for BTC to break above $65,000

Bitcoin price has recently recovered from a month of bearish price action. Given the current upward momentum, the market could even reach a new all-time high soon.

Technical Analysis

By TradingRage

The daily chart

On the daily chart, the price has found support at the $56,000 support level. The 200-day moving average, located around the $60,000 area, has also recovered, along with the $60,000 level.

However, the market is struggling to break above the $65,000 resistance level as it has failed in the past three days. Meanwhile, with the RSI showing clear bullish momentum, it could only be a matter of time before BTC trades above $70,000 again. This scenario would fail if the price drops back below $60,000.

Source: TradingView The 4-hour chart

Looking at the 4-hour period, the market has started an impulsive rally since breaking the bearish trend line to the upside. However, attempts so far have been unsuccessful to break above the $65,000 level and a correction cannot be ruled out.

Moreover, the RSI also shows a clear bearish divergence and an overbought signal, which could induce a decline towards the $60,000 level. However, the general structure of the market remains optimistic in the short term.

Source: TradingView On-Chain Analysis

By TradingRage

Short-term holder of Bitcoin SOPR

The short-term buying and selling behavior of BTC holders is one of the key factors shaping short-term price action. Therefore, analyzing the Bitcoin Short-Term Holder SOPR metric can be beneficial in predicting price action in the coming weeks.

The short-term holder SOPR metric, shown in the chart above, determines whether holders holding their coins for less than 6 months are making a profit or a loss. Values ​​above 1 indicate selling at a profit, while values ​​below 1 indicate making a loss.

As the chart shows, STH SOPR’s 30-day exponential moving average has been below 1 lately, indicating that short-term holders are selling their coins at a loss. This is a typical signal for correction funds during a long-term bull market. Therefore, if the metric recovers above 1, the price will likely rise and create a new record high in the coming weeks.

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