Analysis of BTC Challenge $738,000, Need to Maintain Core Support:
Earlier this week, the price of Bitcoin surged to over $70,000, approaching a historic high, and everyone wants to know how much further BTC can rise.
However, it has since retraced below that level, encountering some obstacles.
The daily chart shows that BTC has been rising since bouncing from the $60,000 support level. Recently, it tested and failed at the upper boundary of a large downward channel. Currently, the price is supported at the $69,000 level.
If this line holds steady, Bitcoin may rebound to the upper boundary of the channel and potentially rise further to the resistance area of $75,000. However, the current situation is relatively unstable, with some downside potential.
4-Hour Chart
The 4-hour timeframe provides a clearer view of Bitcoin's recent price movements. Since breaking through the upper limit of the major channel, the price has been steadily declining. However, it is currently breaking through the recently formed downtrend line.
With the RSI also rising above the 50% threshold, momentum seems to be turning in favor of buyers once again. Therefore, if the $69,000 support level remains unchanged, it's only a matter of time before the price breaks through the $75,000 area and sets a new high.
Bitcoin Short-Term Holder SOPR
Despite Bitcoin's price rebound after two months of consolidation, there is evidence that many market participants have exited the market, selling their Bitcoin holdings to new investors.
The SOPR indicator sharply declined in the recent adjustment, falling back to 1. This indicates that many short-term holders have exited the market and made a profit.
At the same time, as the indicator rebounds, short-term holders are once again taking advantage of the price increase. However, as long as there is sufficient demand, the price can continue to rise.
Having experienced the ups and downs of the cryptocurrency industry for many years, I share my experience and strategies. If you are unsure of what to do, more strategies can be found on my public account: "歪脖山的象".
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