Bitcoin’s price is on the verge of making a new all-time high after skyrocketing beyond the $70,000 line earlier this wee, and market participants are wondering how much further BTC will rally.
If the line holds, bitcoin can once again rally toward the higher boundary of the channel and potentially higher toward the $75K resistance zone. However, the asset is quite uncertain at this point, with a few dips below it.The 4-hour timeframe demonstrates a more clear picture of bitcoin’s recent price action. The price has been making lower highs and lows since its rejection from the higher boundary of the large channel.
While bitcoin’s price is rebounding after two months of correction and consolidation, evidence shows that many market participants have exited the market, selling their coins to new investors. As the chart displays, the SOPR metric has taken a nosedive during the recent correction, dropping back to one. This indicates that many short-term holders have exited the market and realized profits, selling their coins to newcomers.
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