Bitcoin's price has smashed through a crucial level recently, hinting at a thrilling ride to a new all-time high soon!
On the daily chart, Bitcoin has finally zoomed past the $64K mark and the 200-day moving average, both hanging around the same level. The RSI is showing some serious bullish vibes, so it looks like this crypto superstar is eyeing the $68K resistance zone in the near future.
But hey, if there's a little hiccup, the 200-day moving average is likely to catch Bitcoin and give it a boost up again.
Zooming into the 4-hour timeframe, Bitcoin's been on a roll, making higher highs and higher lows since bouncing off the $52K support. A clear trendline has been backing Bitcoin for weeks, and if this keeps up, it's only a matter of time before we see that $68K!
However, if the trendline takes a hit and breaks down, we might see a pullback to around $60K.
During the recent price rollercoaster, many short-term holders, even those not raking in profits, panicked and sold their coins. The Short-Term Holder SOPR, which tracks the profit/loss ratio of these investors, shows some interesting moves. It hit a record high when Bitcoin first touched $70K but has since taken a nosedive. Since July, short-term holders have been taking losses, with the metric dipping below one. But with the recent price surge, they're back in the green, realizing profits again.
While this is pretty standard in bull markets, if this wave of profit-taking doesn't meet enough buying interest, we could see the price drop again. Hold on tight; it’s going to be an exciting ride!
