{"id":10131,"date":"2024-09-28T15:18:56","date_gmt":"2024-09-28T15:18:56","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=10131"},"modified":"2024-09-28T15:18:56","modified_gmt":"2024-09-28T15:18:56","slug":"btc-price-analysis-is-bitcoin-targeting-70k-in-the-short-term","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=10131","title":{"rendered":"BTC Price Analysis: Is Bitcoin Targeting $70K in the Short Term?"},"content":{"rendered":"

Bitcoin\u2019s price has broken post a key level recently and is seemingly targeting a new all-time high in the short term.<\/span><\/p>\n

Technical Analysis<\/h2>\n

By <\/span>Edris Derakhshi (TradingRage)<\/span><\/p>\n

The Daily Chart<\/h3>\n

On the daily chart, the price has finally broken above the $64K level and the 200-day moving average, which is located around the same mark.<\/span><\/p>\n

With the RSI also showing a clear bullish momentum, the cryptocurrency will likely continue its uptrend toward the $68K resistance zone in the short term. <\/span><\/p>\n

Otherwise, in case of a correction, the 200-day moving average is still likely to hold the price and push the market higher.<\/span><\/p>\n

<\/a>Source: TradingView<\/p>\n

The 4-Hour Chart<\/h3>\n

Looking at the 4-hour timeframe, the price has been creating higher highs and lows ever since its rebound from the $52K support level. <\/span><\/p>\n

The market\u2019s bullish move has created a clear trendline, which has been supporting Bitcoin for weeks. If this trend remains intact, it will only be a matter of time before the market reaches the $68K level.<\/span><\/p>\n

On the other hand, if the trendline gets broken to the downside, at least a pullback to the $60K level would be probable.<\/span><\/p>\n

<\/a>Source: TradingView<\/p>\n

On-Chain Analysis<\/h2>\n

By <\/span>Edris Derakhshi (TradingRage)<\/span><\/a><\/p>\n

Bitcoin Short-Term Holder SOPR<\/h3>\n

During the recent Bitcoin price consolidation and gradual correction, many short-term holders, even those not in profit, panicked and sold their coins. This chart shows the Bitcoin Short-Term Holder SOPR, which measures the ratio of profits\/losses realized by short-term investors.<\/span><\/p>\n

As the chart suggests, the STH SOPR made a new record high when the price hit $70K first, but it has rapidly declined during the past few months. Short-term holders have even been realizing losses since July, as the metric has dropped below one. However, with the recent price rally, these investors are now realizing profits once again.<\/span><\/p>\n

While this is a natural behavior in bull markets, if the selling pressure resulting from this profit-taking is not met with sufficient demand, the price could drop lower again.<\/span><\/p>\n

<\/a>Source: CryptoQuant<\/p>\n

The post BTC Price Analysis: Is Bitcoin Targeting $70K in the Short Term?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s price has broken post a key level recently and is seemingly targeting a new all-time high in the short term. Technical Analysis By Edris Derakhshi (TradingRage) The Daily Chart On the daily chart, the price has finally broken above the $64K level and the 200-day moving average, which is located around the same mark. […]<\/p>\n","protected":false},"author":0,"featured_media":10132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10131"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10131"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10131\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10132"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}