BTC needs to hold this support level before challenging the high of $73.8K (Bitcoin Price Analysis)

Bitcoin's price surged above the $70,000 mark earlier this week and is on the verge of hitting a new all-time high, leaving market participants wondering how far BTC can go from here.

But with assets falling below that level, one obstacle remains.

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Daily Chart

On the daily chart, BTC has been on an upward trajectory ever since bouncing off the $60,000 support level. It recently tested and was rejected above the upper limit of a large descending channel. Currently, the price is finding support at the $69,000 level.

If this line holds, Bitcoin could once again rise towards the upper end of the channel and towards the resistance zone at $75,000. However, the asset is quite uncertain at the moment and has seen several dips below this line.

4 Hour Chart

The 4-hour chart provides a clearer picture of Bitcoin’s recent price action, with the price making lower highs and lower lows since being rejected from the upper limit of the large channel, but is now back above the recently formed bearish trend line.

The RSI has also risen above the 50% threshold, and momentum seems to be shifting in favor of the buyers again. Hence, if the support level at $69,000 holds, it will only be a matter of time before the price continues to hover around $75,000 and record new all-time highs.

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Bitcoin Short Term Holders SOPR

Bitcoin prices are recovering after two months of correction and consolidation, but there is evidence that many market participants have withdrawn from the market and sold their coin holdings to new investors.

This chart shows the SOPR metric for short-term BTC holders, which measures the realized profit/loss ratio. Values ​​above 1 indicate that profits were realized in aggregate, while numbers below 1 indicate that they sold at a loss.

As the chart shows, the SOPR index plummeted during the recent correction, dropping all the way down to 1. This indicates that many short-term holders have exited the market and sold their coins to new entrants for a profit.

Meanwhile, as the index recovers, short-term holders are again booking profits as the price rises. However, as long as there is enough demand, the price could continue to rise.