Bitcoin\u2019s price is currently at a critical level, and its reaction will likely determine the mid-term trend of the entire crypto market.<\/p>\n
By Edris Derakhshi (TradingRage)<\/a><\/p>\n On the daily chart, the asset has been rallying since it rebounded from the $52K support level and has broken both the $56K and $60K levels to the upside with momentum. However, the market has finally reached the 200-day moving average, which coincides with the key $64K resistance level.<\/p>\n A bullish breakout could lead to a new surge toward higher prices. Meanwhile, if the cryptocurrency gets rejected to the downside, the $60K level would likely support pushing it back higher.<\/a><\/p>\n The 4-hour chart demonstrates a tricky situation for the BTC price, as it is currently consolidating in a small descending channel at the $64K level.<\/p>\n If it gets broken to the downside, this becomes a classical bearish reversal price action pattern. Meanwhile, if the asset breaks higher, the pattern would fail, and a rapid rally toward the $70K area would be expected. With the RSI also showing values above 50%, the momentum still favors a bullish continuation.<\/p>\n <\/a><\/p>\n By Edris Derakhshi (TradingRage)<\/a><\/p>\n During the recent Bitcoin price consolidation and gradual correction, many short-term holders have panicked and sold their holdings, even those not in profit. This chart shows the Bitcoin Short-Term Holder SOPR, which measures the ratio of profits\/losses realized by short-term investors.<\/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 realized losses since July, as the metric has dropped below one. However, with the recent price rally, these investors are now realizing profits again.<\/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 market could be overwhelmed and drop lower again.<\/a><\/p>\n The post Bitcoin Price Analysis: Is BTC Heading Toward $70K or $60K Next?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s price is currently at a critical level, and its reaction will likely determine the mid-term trend of the entire crypto market. Technical Analysis By Edris Derakhshi (TradingRage) The Daily Chart On the daily chart, the asset has been rallying since it rebounded from the $52K support level and has broken both the $56K and […]<\/p>\n","protected":false},"author":0,"featured_media":9660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9659","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\/9659"}],"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=9659"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9660"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Daily Chart<\/h3>\n
The 4-Hour Chart<\/h3>\n
On-Chain Analysis<\/h2>\n
Bitcoin Short-Term Holder SOPR<\/h3>\n
![<\/a><\/p>\nThe 4-Hour Chart<\/h3>\nThe 4-hour chart demonstrates a tricky situation for the BTC price, as it is currently consolidating in a small descending channel at the $64K level.<\/p>\nIf it gets broken to the downside, this becomes a classical bearish reversal price action pattern. Meanwhile, if the asset breaks higher, the pattern would fail, and a rapid rally toward the $70K area would be expected. With the RSI also showing values above 50%, the momentum still favors a bullish continuation.<\/p>\n<\/a><\/p>\nOn-Chain Analysis<\/h2>\nBy Edris Derakhshi (TradingRage)<\/a><\/p>\nBitcoin Short-Term Holder SOPR<\/h3>\nDuring the recent Bitcoin price consolidation and gradual correction, many short-term holders have panicked and sold their holdings, even those not in profit. This chart shows the Bitcoin Short-Term Holder SOPR, which measures the ratio of profits\/losses realized by short-term investors.<\/p>\nAs 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 realized losses since July, as the metric has dropped below one. However, with the recent price rally, these investors are now realizing profits again.<\/p>\nWhile this is a natural behavior in bull markets, if the selling pressure resulting from this profit-taking is not met with sufficient demand, the market could be overwhelmed and drop lower again.<\/a><\/p>\nThe post Bitcoin Price Analysis: Is BTC Heading Toward $70K or $60K Next?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price is currently at a critical level, and its reaction will likely determine the mid-term trend of the entire crypto market. Technical Analysis By Edris Derakhshi (TradingRage) The Daily Chart On the daily chart, the asset has been rallying since it rebounded from the $52K support level and has broken both the $56K and […]<\/p>\n","protected":false},"author":0,"featured_media":9660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9659","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\/9659"}],"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=9659"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9660"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/BTCUSDT-Daily-scaled.jpg\"){kind=link}
![<\/a><\/p>\nOn-Chain Analysis<\/h2>\nBy Edris Derakhshi (TradingRage)<\/a><\/p>\nBitcoin Short-Term Holder SOPR<\/h3>\nDuring the recent Bitcoin price consolidation and gradual correction, many short-term holders have panicked and sold their holdings, even those not in profit. This chart shows the Bitcoin Short-Term Holder SOPR, which measures the ratio of profits\/losses realized by short-term investors.<\/p>\nAs 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 realized losses since July, as the metric has dropped below one. However, with the recent price rally, these investors are now realizing profits again.<\/p>\nWhile this is a natural behavior in bull markets, if the selling pressure resulting from this profit-taking is not met with sufficient demand, the market could be overwhelmed and drop lower again.<\/a><\/p>\nThe post Bitcoin Price Analysis: Is BTC Heading Toward $70K or $60K Next?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price is currently at a critical level, and its reaction will likely determine the mid-term trend of the entire crypto market. Technical Analysis By Edris Derakhshi (TradingRage) The Daily Chart On the daily chart, the asset has been rallying since it rebounded from the $52K support level and has broken both the $56K and […]<\/p>\n","protected":false},"author":0,"featured_media":9660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9659","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\/9659"}],"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=9659"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9660"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/BTCUSDT-4H-scaled.jpg\"){kind=link}
![<\/a><\/p>\nThe post Bitcoin Price Analysis: Is BTC Heading Toward $70K or $60K Next?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price is currently at a critical level, and its reaction will likely determine the mid-term trend of the entire crypto market. Technical Analysis By Edris Derakhshi (TradingRage) The Daily Chart On the daily chart, the asset has been rallying since it rebounded from the $52K support level and has broken both the $56K and […]<\/p>\n","protected":false},"author":0,"featured_media":9660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9659","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\/9659"}],"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=9659"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9660"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Short-Term-Holder-SOPR-1-scaled.jpg\"){kind=link}