Crypto Blog
Bitcoin’s price has finally broken its record high after a gradual uptrend over the last couple of months. Investors are now wondering how far BTC can go.On the daily timeframe, it is evident that the price has broken the previous all-time high of $74K with considerable force. With the market still trading near its 200-day moving average, BTC can go much higher in the coming months. Therefore, the $80K level could be a viable target in the short term.
Yet, as long as the market remains above the 200-day moving average, which is located around the $64K level, the overall trend remains bullish, and higher prices could be expected.Looking at the 4-hour chart, things look almost similar. A few days ago, the price rapidly rebounded from the $68K level. This significant surge led to a bullish breakout from $74K, as BTC created a new all-time high.
While Bitcoin’s price has finally created a new all-time high, market participants are hopeful that a new rally has begun. In this situation, analyzing the futures market sentiment can be very helpful, as it significantly influences short-term price fluctuations.
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