Bitcoin’s price has reached a new record high after a gradual uptrend over the last couple of months. Investors are curious about how far BTC can rise.
The Daily Chart
On the daily chart, it is evident that the price has surpassed the previous all-time high of $74K. With the market still trading near its 200-day moving average, BTC could reach higher levels. The $80K level might be a viable target in the short term. Meanwhile, the RSI shows an overbought signal, indicating potential consolidation or short-term correction. However, as long as the market remains above the 200-day moving average at $64K, the trend remains bullish, and higher prices could be expected.
The 4-Hour Chart
Looking at the 4-hour chart, the situation is similar. A few days ago, the price rapidly rebounded from the $68K level, leading to a breakout from $74K and setting a new all-time high. Meanwhile, the RSI also shows an overbought signal, suggesting a potential pullback to $74K before the market continues upward to the $80K mark.
Sentiment Analysis
With a new rally seemingly started, analyzing futures market sentiment is crucial, as it significantly influences short-term price fluctuations. The BTC funding rates data indicates whether buyers or sellers are more aggressive. Positive values suggest bullish sentiment, while negative ones indicate bearish sentiment. Recent weeks have seen positive funding rates, although still lower than during the last record high earlier this year.
Current positive market sentiment and past achievements suggest the potential for further growth of Bitcoin in the coming months.
