Crypto Blog
Bitcoin’s price has been consolidating around its all-time high over the last few days following a massive surge of over 30%.
Yet, as the market structure suggests, it could only be a matter of time before BTC trades above $100,000, the long-term target for many investors over recent years.The 4-hour chart depicts a clear picture of the recent price consolidation, as the market has been forming a symmetrical triangle pattern around the $90K region.
As always, technical analysis on its own might not be sufficient to understand the market dynamics of Bitcoin. Therefore, it’s beneficial to utilize the transparency provided by the Bitcoin blockchain to have a better picture of investors’ behavior. As the chart suggests, the 30-day exponential moving average of the STH-SOPR has been rapidly rising again, but it has yet to reach the values previously seen when BTC was trading around $70K earlier this year.
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