Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
BTC Explodes Above $45K: Here’s the Next Crucial Target (Bitcoin Price Analysis)

BTC Explodes Above $45K: Here’s the Next Crucial Target (Bitcoin Price Analysis)

CryptopotatoCryptopotato2024/02/08 17:28
By:CryptoVizArtMore posts by this author

Bitcoin’s price has recovered from a sudden drop following a rejection from the $48K level. Meanwhile, the cryptocurrency has yet to reach a higher high.

Technical Analysis

By TradingRage

The Daily Chart

On the daily timeframe, the price has been rising over the past few weeks after rebounding from the $40K support level. The market is currently rising toward the $48K resistance level once more. The Relative Strength Index is also showing values above the 50% level, indicating that the momentum is in favor of a further bullish continuation.

In case BTC’s price breaks above the $48K level, the market will likely head for a new all-time high in the coming months.

The 4-Hour Chart

Looking at the 4-hour chart, the recent action becomes more clear. The price is currently testing the $45K resistance level, but the momentum is seemingly fading.

The Relative Strength Index is also showing a clear overbought signal. Therefore, it is probable that consolidation or a correction will occur in the short term before the market can continue toward making a higher high.

On-Chain Analysis

By TradingRage

Bitcoin Short-Term Holders Spent Output Profit Ratio (SMA 30)

While Bitcoin’s price has been recovering from the recent drop, some network fundamentals are cooling down. This can be interpreted as a bullish signal, as supply is seemingly shrinking.

This chart demonstrates the Bitcoin short-term holder spent output profit ratio (SOPR). The SOPR metric is a ratio of spent outputs (alive more than 1 hour and less than 155 days) in profit at the time of the window. Values over ‘1’ indicate more short-term investors are selling at a profit. On the contrary, values below ‘1’ indicate that more short-term investors are selling at a loss.

While the SOPR has recently displayed very high values, the metric is currently declining. This points to the fact that many short-term investors have sold their coins, and the selling pressure is decreasing. In case this continues, a sustainable uptrend can be expected in the short term.

 

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

GHO HodlerYield promotion rules

Bitget Announcement2025/08/07 10:30

New spot margin trading pair — TOWNS/USDT!

Bitget Announcement2025/08/07 09:07