Can BTC Record New All-Time High After Recovering $100,000?

The price of Bitcoin has finally climbed back above $100,000, but it has yet to create a new record high. However, judging by the current price action, it is very likely to do so soon.

Technical Analysis

By Edris Derakhshi (TradingRage)

The daily chart

On the daily chart, the asset has been rising from the $91,000 support level. Yesterday, the price broke above the $100,000 level and closed above it on the daily time frame. If bitcoin is able to hold above the $100,000 level, a higher surge and a new record would be imminent.

The 4 hour chart

Looking at the 4-hour chart, the price is behaving as expected in an uptrend. New highs and lows have been forming since the beginning of the year, indicating the beginning of a new rally.

The market is currently back to the $100,000 level, but is likely to recover and continue higher in the coming days. However, if this level is missed, a deeper correction towards the $91,000 level would be expected.

Chain analysis

By Edris Derakhshi (TradingRage)

Exchange reserve

While the price of BTC has been consolidating around $100,000, market participants have been wondering if the bull market is over. However, as the underlying dynamics suggest, there is still enough demand to drive the price higher.

This chart presents the Bitcoin exchange reserve metric, which measures the amount of BTC held on trading platforms. As is evident, investors have been withdrawing their BTC from exchanges at a significant rate. This indicates that there is still tremendous overall buying pressure, which would likely lead to higher prices in the coming weeks.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato Readers on Bybit – Use this link to register and open a FREE $500 position with any currency!

Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See disclaimer for details.

TradingView Cryptocurrency Charts.