BTC May Chart New All-Time Highs If It Clears This Hurdle – Bitcoin Price Analysis

Crypto investors are over the moon as the price of Bitcoin appears to be heading for a new record high after months of consolidation.

However, there is still one last level of resistance that should be broken.

Technical Analysis

By Edris Derakhshi (TradingRage)

The daily chart

On the daily chart, the asset has aggressively recovered after breaking the 200-day moving average, located around the $64,000 level. The market is currently testing the key resistance level of $69,000, the sellers’ last resort, as a break would lead to a new all-time high and a potentially long-term rally for Bitcoin.

However, investors should be cautious as the RSI is approaching the overbought region, which could lead to a pullback.

The 4 hour chart

On the 4-hour chart, the price has recently broken the big bullish flag on the upside. The $64,000 resistance level has also been breached as the market has reached the $69,000 resistance level. Although the market structure is very bullish, the RSI shows overbought values.

This could cause concern, leading to a pullback or decisive rejection of the key resistance level of $69,000. However, a short-term pullback followed by a bullish continuation seems more likely.

Chain analysis

By Edris Derakhshi (TradingRage)

Short-term holder of Bitcoin SOPR

As BTC looks poised to create a new all-time high, short-term market participants are once again taking profits. This conclusion is drawn from this chart, which demonstrates Bitcoin Short-Term Holder SOPR. Positive values ​​indicate the realization of profits, while negative values ​​indicate the realization of losses.

As the chart suggests, after months of aggregate loss making by short-term holders, they are finally starting to turn a profit as a whole as BTC is appreciating. While this is natural behavior in a bull market, it could lead to a correction if it leads to excess supply and selling pressure.

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