Is BTC strong enough to mark new ATH this week?

Bitcoin price is on the verge of creating a new all-time high after the significant rally of the past few days.

However, the asset has faced some initial resistance and has yet to break the March peak.

Technical Analysis

By Edris Derakhshi (TradingRage)

The daily chart

On the daily chart, the asset has started a rally since its rally from the $52,000 support level. In recent weeks, it has broken above the 200-day moving average, located around the $64,000 level and the $69,000 resistance zone.

BTC is currently testing the $74,000 resistance zone, which is also its record high and is very likely to be broken to the upside, which could lead to a long-term rally.

The 4 hour chart

Looking at the 4-hour period, things are much clearer, as the price of BTC has gone through a period of accumulation during the recent consolidation below the $68,000 level. This has led to a massive increase towards the $74,000 area.

However, the RSI is showing a worrying pattern, demonstrating a clear overbought signal. This can lead to a short-term consolidation or pullback. However, judging by the overall market structure, Bitcoin could be poised to explode higher in the coming months.

Chain analysis

By Edris Derakhshi (TradingRage)

Short-term holder of Bitcoin SOPR

Although a new record high appears imminent on the Bitcoin price chart, the profit-taking rate does not show this situation. This chart presents the short-term holder’s SOPR metric, which measures the ratio of profits earned by investors. Values ​​above 1 indicate making profits, while values ​​below 1 show losses being made overall.

As the chart suggests, while short-term holders are taking profits, the STH SOPR is nowhere near the level it was the last time BTC traded around the $74,000 level. This is a positive sign, as the market could be far from being overwhelmed with supply, and a sustainable increase could still be expected.

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