Bitcoin’s price seems to be on the verge of creating a new all-time high, as only one significant resistance zone is standing in its way.
With the Relative Strength Index also showing values above 50%, the momentum is in favor of a bullish continuation and it could only be a matter of time before BTC starts to rally again.Things are a bit trickier on the 4-hour timeframe. The price has struggled to keep above the $69K resistance level and has been consolidating inside a symmetrical triangle pattern.
Yet, a deep decline toward the $60K support level could be expected if the price drops back inside the triangle pattern. Meanwhile, the bullish scenario is more likely at the moment. The Short-Term Holder SOPR is an on-chain metric that measures the ratio of realized profits and losses. Values higher than one show profit realization, while values below one are associated with realizing losses on aggregate by short-term holders. Note that short-term holders are investors who have held their coins for less than 155 days.
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