Bitcoin price, after its recent 8% increase, seems to be on an unstoppable rally, approaching its all-time high levels. As of this writing, Bitcoin is trading at $67,300 with a market capitalization of $1.323 trillion. On the other hand, looking at the charts, BTC‘s weekly gain exceeding 22% is noteworthy. Additionally, Bitcoin’s price in EUR and TRY surpassed all-time high levels as of yesterday.
Bitcoin Price and Rally Analysis
According to data provided by Santiment, Bitcoin’s price at $67,300 is very close to its all-time high of $69,000, with only a 3% difference. Investors and traders who believe this level will soon be surpassed continue to draw attention to this possibility.
In contrast to the ongoing rally in meme coins and other altcoins, Bitcoin’s neutral appearance actually indicates a favorable condition to sustain a rally.
This appearance, which parallels a certain level of distrust among traders, suggests that short positions could be liquidated, potentially leading to a rally beyond $70,000.
If the all-time high (ATH) level is reached, monitoring the sentiment development will be healthier for investors, as mass perceptions can change rapidly after significant resistance levels are breached.
Santiment’s data also indicates that market movements can often occur contrary to traders’ expectations. The profits from Bitcoin (BTC) last seen in 2021 suggest that average investors holding BTC have earned significant rewards.
According to liquidation data from CoinGlass, more than $134 million in liquidations occurred on the Bitcoin network, with $105 million resulting from the liquidation of shorts.
The Future of Bitcoin (BTC)
Onchain analyst Checkmate highlights a significant trend in the Bitcoin market, pointing out that long-term Bitcoin hodlers have started the distribution of all-time highs (ATH). This distribution is associated with 40-50% of Grayscale Bitcoin Trust (GBTC).
Furthermore, according to analyst Ali Martinez, the TD Sequential indicator on the 4-hour chart shows a sell signal for Bitcoin. Historical analysis shows that similar signals since February 15 have led to a 1.5% to 4.7% decrease in Bitcoin’s price.
This analysis could be a point of interest for short-term investors. Also, considering that Bitcoin holders continue to trade at 100% profit, the number of investors thinking about taking some profits could be increasing day by day.
