Bitcoin has set a new all-time high, nearing the $90K mark. This rally was made possible by a Fed rate cut and Trump's re-election, creating favorable conditions for risk assets.
Technical Analysis
On the daily chart, Bitcoin shows a shift towards a bullish market. A recent breakout above the 100-day and 200-day moving averages brings new highs. The Golden Cross indicates bullish dominance, spurring active buying.
Price Chart Analysis
On the 4-hour chart, Bitcoin remains in a bullish channel, with higher highs. The rebound from the lower channel boundary at around $70K helped reach $90K. Consolidation near current levels is expected, followed by a correction to $80K.
On-chain Analysis
Bitcoin’s rise increased selling pressure from miners. The Miner’s Position Index (MPI) rose above 2, indicating high selling activity. This might trigger further price drops without enough market buying.
Bitcoin continues its ascent thanks to favorable market conditions. However, active selling and correction needs may pose temporary challenges.
