Bitcoin's price is on the verge of significant changes. It is currently approaching a key area, poised for a potential rally to a new all-time high.

The Daily Chart

On the daily chart, the price has been consistently rising over the past few days following its rebound from $60K. With BTC also above the 200-day moving average, located around the $64K level, the market can once again be considered bullish. Therefore, it might only be a matter of time before BTC breaks above the $69K resistance level and climbs its way to a new all-time high.

The 4-Hour Chart

The 4-hour chart also demonstrates clear bullish price action, with the market consistently making higher highs and lows. However, a worrying signal is emerging as the RSI shows a bearish divergence between the two recent price highs. If the market fails to break above the $69K resistance zone soon, a correction toward the $64K level would be probable.

On-Chain Analysis

Bitcoin’s price seems determined to reach a new all-time high in the coming weeks as it approaches the $70K level with momentum. Meanwhile, optimism is soaring as investors anticipate a new long-term rally. This chart shows the Bitcoin open interest metric, which measures the number of open perpetual futures contracts. It serves as a proxy for futures market sentiment, reflecting aggregate participation and optimism. As seen, open interest even leads the price, having shown higher values in recent years. While participation is necessary for a bull market, too much optimism might lead to an overheated futures market and consequently to a long liquidation cascade, which would ultimately result in a crash.

The analysis of Bitcoin prices indicates that the market is in a period of potential growth, but investors should be alert to overheating signals that could lead to a correction.