Bitcoin -Price analysis: BTC Test Crucial Support after the last ATH

The price of Bitcoin made a new record high just above $ 124k marking a few days ago, before he printed two consecutive Bearish daily candles and fell back to an important area. Investors now carefully follow the market to find early signs of reversal.

By Shayanmarkets

The daily graph

On the daily graph, Bitcoin again tests the lower limit of its long -term rising channel, which increases the possibility of a demolition of a downward period after months of retention in the structure. If the breakdown occurs, the $ 110k region, supported by the nearby 100-day advancing average, could serve as a strong support area.

Conversely, if the channel manages to contain the price, the Bullish Momentum can continue, free up the road for new highlights to $ 130k and possibly further.

The 4-hour graph

In the 4 -hour period, BTC recently tried an outbreak above the resistance of $ 123k, but quickly failed to support it, which resulted in a sharp fall that also broke the short -term trend line that has been built in recent weeks. This rejection means weakness at the highlights and has shifted the short -term structure of the market.

At the moment, the $ 116k area stands out as the most important support that a new bouncer can cause. However, if this level makes, a deeper decrease to the $ 111k region becomes increasingly likely. With the RSI that recovers under 50, the price action suggests a possible $ 116k retest before the next step is confirmed. Whether this support applies or fractures will set the tone for the short -term trend from Bitcoin.

Chain analysis

Bitcoin open interest

This graph shows Bitcoin’s short-term holder with its 30-day EMA compared to the price. Sopral above 1 means that holders sell profit in the short term, while selling under 1 signals with loss.

During rallies such as the beginning of 2023, SOPR remained above 1, which confirmed the profit increase. On the other hand, under 1 capitulation fall in the short term during corrections. Now that Bitcoin is floating about $ 118k and sopral above 1, holders take a profit in the short term.

However, the size of the profit has fallen during the recent price heights since the beginning of 2024. This observation is clear because there is a clear divergence between the price heights and STH-Sophighs. With the profit margins that shrink for short -term holders, the market can soon be in trouble, because this can be one of the early signs of reversal.