Bitcoin's price has been consolidating around its all-time high over the last few days following a massive surge of over 30%.
Technical Analysis
The current conditions suggest that the bull run is seemingly not over yet.
The Daily Chart
On the daily chart, Bitcoin has been rallying aggressively since breaking above the $74K level. Currently, it struggles to surpass $92K, with RSI indicating an overbought state. The market structure suggests BTC could soon trade above $100,000, a long-term target for many investors.
The 4-Hour Chart
The 4-hour chart shows recent price consolidation forming a symmetrical triangle near $90K. These patterns can indicate continuation or reversal, depending on the breakout direction. Even if BTC breaks downward, it would likely be a short-term correction, with the overall trend remaining bullish above $80K support.
On-Chain Analysis
Technical analysis alone may not suffice to fully understand Bitcoin's market dynamics, thus utilizing blockchain transparency provides better insight into investor behavior.
Short-Term Holder SOPR
The Short-Term Holder SOPR has been rising rapidly but hasn't reached the levels seen when BTC was around $70K. This indicates short-term holders are less aggressively taking profits, reducing selling pressure and potentially enabling further Bitcoin rally.
Bitcoin's consolidation appears to be nearing its end, paving the way for potential new all-time highs.
