BTC Bull Run Incoming? Here is the next critical objective

The price of Bitcoin has been recovering for the past two weeks. The market is in a critical area, which could determine its future in the medium term.

Technical Analysis

By Edris Derakhshi (TradingRage)

The daily chart

The daily chart shows that the price has risen from the $52,500 support level earlier this month. Over the past few weeks, BTC has recovered the $57,000 and $60,000 levels. However, the 200-day moving average along with the key $64,000 level remains intact as the market has been testing it consistently recently.

A bullish breakout would likely pave the way for a new all-time high in the coming weeks. A continuation is very likely, with RSI also showing values ​​above 50%.

The 4 hour chart

The 4-hour chart shows a clear bullish trend as the price has risen and fallen. However, with the market gradually rising within an ascending channel, there is a possible scenario for a decline.

If the $64,000 resistance level rejects the price and the channel breaks to the downside, a drop towards $60,000 and even $57,000 is possible. Meanwhile, as the daily calendar suggests, there is still significant upside potential.

Chain analysis

By Edris Derakhshi (TradingRage)

Bitcoin Miner Output (30 Day Moving Average)

During Bitcoin’s price consolidation over the past few months after creating a new all-time high, miners have significantly changed their behavior. This chart presents the 30-day moving average of the BTC miner output metric, which measures the amount of BTC leaving miners’ wallets.

As the chart indicates, they have reduced their selling pressure during this price consolidation. Therefore, it can be assumed that miners are now ready to put up with higher prices, and this decrease in supply may lead to a rebound in the coming months.

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