Is Bitcoin ready for his next big rally? BTC price analysis

Bitcoin is at a crucial moment because it acts below $ 120k zone, with price actions tightening and bulls that struggle to penetrate the key levels. Although the wider trend bullish remains, the short -term cooldown can continue before another leg is higher.

By Shayan

The daily graph

On the daily graph, Bitcoin still holds in a wide -ranging channel that has remained intact for months. The recent correction of the $ 124k of all time has not yet broken the market structure, and the 100-day advancing average remains below the price and offers extra support around $ 110k.

However, the rally has lost a clear momentum in recent weeks, with the RSI turning sideways and the price that does not make new highlights. Nevertheless, Bulls still have the upper hand as long as it remains active above the rising orange trend line.

A clean break above $ 124k would probably buy fresh and push the cryptocurrency in the price -discovery mode mode, but if the support zone of around $ 110k gives, we may see a sharp drop to the $ 100k – $ 104k region.

The 4-hour graph

BTC zooms in on the 4-hour graph and is about to break under the short-term rising trendline, creating the rising triangle with the $ 117k resistance zone. This can be an early warning signal of a potential trend shift or deeper withdrawal, especially since the price was rejected several times near the $ 117k – $ 118k resistance area.

Momentum is also considerably weakened, where the RSI slips under 50 and shows a clear bearish divergence between recent highlights. If the market does not quickly live the broken trend line back, we could see further to the $ 108k zone, followed by a potential strout from the large demand area near $ 108k.

Onchain -analysis

Long -term holder Sopred

The Sentiment has steadily decreased the long -term holder SOPR, even if the price in the vicinity of local highlights consolidates. This downward trend in Soprend actually indicates that long -term holders reduce their spending activity. In other words, they sell less and choose to hold their coins.

This often reflects growing confidence in further upward potential, because experienced market participants are less happy to make a profit at the current prices. It also suggests that the pressure-side pressure is relaxed, which could be the scene for a stronger outbreak as soon as the demand withdraws. If this keeping behavior continues and is matched with Bullish Momentum, it can support the next leg in the Bitcoin meeting.