Crypto Blog
Bitcoin’s price has broken post a key level recently and is seemingly targeting a new all-time high in the short term.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.
Otherwise, in case of a correction, the 200-day moving average is still likely to hold the price and push the market higher.Looking at the 4-hour timeframe, the price has been creating higher highs and lows ever since its rebound from the $52K support level. On the other hand, if the trendline gets broken to the downside, at least a pullback to the $60K level would be probable.
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.
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