The bulls need to protect this level to keep the hopes of $70,000 alive

Bitcoin price has been correcting over the past few days after failing to break the $68,000 resistance level to the upside.

However, there is still a high probability of a new record high in the coming weeks.

Technical Analysis

By TradingRage

The daily chart

On the daily chart, the price has risen aggressively since its recovery from $56,000. Meanwhile, the $68,000 mark has prevented the market from going higher and a short-term pullback towards $65,000 has materialized.

However, with the aforementioned support level still intact, a break above $68,000 and a new all-time high are still very likely in the near term.

Source: TradingView The 4-hour chart

The 4-hour chart shows that while the price has been making higher highs and lows since the first week of July, the $68,000 resistance level has pushed the cryptocurrency lower.

The market has created some short-term highs and lows as the price has pulled back towards the $65,000 support level. As long as it holds, the market is likely to push towards the $68,000 resistance level soon.

Source: TradingView On-Chain Analysis

By TradingRage

Bitcoin Exchange Reserve

During the recent Bitcoin price correction from the $70,000 level, many market participants assumed that the bull run was over. However, the aggregate behavior of investors tells a completely different story.

This chart presents the Bitcoin Exchange Reserve metric, which measures the amount of BTC held in exchange wallets. If there are more deposits to exchanges than withdrawals overall, this metric increases, and if more BTC is withdrawn, the exchange reserve falls.

As the chart shows, the exchange reserve metric has been falling rapidly at a rate comparable to the January 2023 price low. Therefore, investors seem to believe that the market will rise further as they buy and withdraw coins at your personal portfolio quickly.

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TradingView Cryptocurrency Charts.