BTC Price Consolidation Continues but All Signs Point to a Run Toward New ATH: Bitcoin Price Analysis

Bitcoin’s price has been consolidating for almost 3 months now after making a new all-time high around the $74K mark.

While it has not been successful in breaking to the upside, the momentum is still bullish, and such a breakout could happen at any time. In this case, the market can rise toward the $75K all-time high and potentially make a new one.The 4-hour chart paints a clear picture of the recent consolidation. The price oscillates around the $68K level in a symmetrical triangle pattern.

As Bitcoin’s price continues its gradual move toward a new all-time high, investors are also getting more and more optimistic. This chart demonstrates the exchange reserve metric, which measures the total amount of BTC held in exchange wallets. Naturally, a drop in the metric is considered bullish, as it practically reduces supply, while an increase is bearish, as more BTC are ready to be sold.

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