BTC Bulls Eye $70,000 But Will There Be A Correction Before?

The price of Bitcoin has been rising aggressively over the past two weeks, making its way to a new record high.

Technical Analysis

By TradingRage

The daily chart

In the daily period, the price of BTC has been rising since retrieving the $56,000 support level and the 200-day moving average.

The market has recovered both the $60,000 and $65,000 marks and is currently testing $68,000, the last hurdle on the way to a new all-time high.

With the RSI also indicating clear bullish momentum, it may only be a matter of time before Bitcoin hits new record highs.

Source: TradingView The 4-hour chart

Looking at the 4-hour chart, the price has consistently made highs and lows, with minor pullbacks. This is a clear indication of an uptrend.

However, there is a worrying sign: the price is making a bearish divergence with the relative strength index. Therefore, a short-term correction could occur before the price rises to a new record high.

Source: TradingView Sentiment Analysis

By TradingRage

Bitcoin Funding Fees

Although the price of Bitcoin has once again risen above the $65,000 level, investors are wondering if the market may reach a new all-time high soon. Given futures market sentiment, that seems somewhat likely.

This chart shows the Bitcoin funding rates metric, which measures whether buyers or sellers execute their futures positions more aggressively (using market orders).

It provides a clear indication of whether futures market sentiment is overheated or not.

As the chart suggests, funding rates are much lower than a few months ago when BTC was trading around the same prices. This indicates that the futures market has cooled significantly and a sustained rally can be expected in the coming weeks.

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