Bitcoin Price Approaches ATH Level: How Far Will the Rally Continue?

  • The ongoing Bitcoin (BTC) price rally shows no signs of stopping, with the leading digital asset advancing towards new all-time highs with another 8% increase.
  • According to on-chain data provider Santiment, Bitcoin’s current market value is quite close to the all-time high of $68,600.
  • Realized gains from Bitcoin (BTC), indicating significant rewards for average hodlers, have reached a three-year peak.

As Bitcoin price approaches the ATH level, traders are shaping new expectations for the summit; here’s the latest update on the Bitcoin market!

Bitcoin Rally Continues at Full Speed

bitcoin-btc

The ongoing Bitcoin (BTC) price rally shows no signs of stopping, with the leading digital asset advancing towards new all-time highs with another 8% increase. Currently, Bitcoin is trading at $66,380 with a market capitalization of $1.34 trillion. Notably, BTC has gained over 22% on the weekly chart. Interestingly, the Bitcoin price has reached a new all-time high in terms of euros (EUR).

According to on-chain data provided by Santiment, Bitcoin’s current market value is quite close to the all-time high of $68,600. Despite the presence of many traders expecting to surpass this value soon, the overall sentiment appears to remain quite neutral compared to previous bull cycles.

Interestingly, the neutral sentiment of Bitcoin, amid the recent surges in meme coins and other altcoins, actually presents a positive scenario for the continuation of the rally. When combined with a degree of skepticism among traders, the potential for the liquidation of short positions could push for a rally beyond $70,000 and possibly more.

It is crucial to monitor how the sentiment will evolve when the expected all-time high is reached, as crowd perceptions can quickly change following significant resistance breaches. According to Santiment reports, market movements often go against traders’ expectations. Realized gains from Bitcoin (BTC), indicating significant rewards for average hodlers, have reached a three-year peak.

Additionally, according to CoinGlass Liquidation data, there have been over $134 million in liquidations on the Bitcoin network. Almost $105 million of these are short liquidations. On the other hand, exceptional inflows into Bitcoin ETFs continued last week.

Is BTC Profit Booking Imminent?

On-chain analyst Checkmate highlighted a significant trend in the Bitcoin market, noting that long-term Bitcoin holders have begun distributing at all-time high (ATH) levels.

While approximately 40-50% of this distribution could be associated with the Grayscale Bitcoin Trust (GBTC), it serves as an indicator of the abilities of HODLers in interpreting market dynamics. This pattern reflects a classic investment strategy of buying low and selling high.

According to crypto analyst Ali Martinez, the TD Sequential indicator gave a sell signal for Bitcoin on the 4-hour chart. After such signals since February 15, Bitcoin’s price has dropped between 1.5% and 4.7%. This pattern is worth closely monitoring for short-term traders. Additionally, with some Bitcoin holders achieving a 100% profit, some profit realizations may be around the corner.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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