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 & block trade
Convert crypto with one click and zero fees
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
Bitcoin Price Analysis: BTC Skyrockets to $46K but Worrying Signs Appear

Bitcoin Price Analysis: BTC Skyrockets to $46K but Worrying Signs Appear

CryptopotatoCryptopotato2024/01/02 15:55
By:CryptoVizArtMore posts by this author

Bitcoin’s price has finally broken above the $45K mark on its path toward creating a new all-time high. While the technical chart looks strong, there are some worrying signals arising from on-chain metrics.

Technical Analysis

By TradingRage

The Daily Chart

On the daily timeframe, the price has clearly been bullish for the last few months. Following the breakout above the $40K level, the market has gone through a consolidation phase. However, the $40K area has acted as a formidable support level, pushing the price even higher.

BTC is approaching the $48K resistance level, which is the next significant obstacle. If it is broken to the upside, the probability of witnessing a new all-time high in 2024 will considerably increase.

The 4-Hour Chart

The 4-hour chart presents a clearer picture of the recent action. The price has formed a symmetrical triangle after pushing above the $40K mark.

However, it recently broke the triangle to the upside with astonishing momentum. From a classical price action standpoint, the cryptocurrency is looking primed to reach the $48K level soon. However, the Relative Strength Index is demonstrating a caution signal as it has entered the overbought region in the 4-hour timeframe.

Therefore, the market could consolidate or even pull back in the short term before continuing toward the $48K zone.

On-Chain Analysis

By TradingRage

Bitcoin Miner Reserve

While Bitcoin’s price has been rallying aggressively over the last couple of months, not all market participants are overly optimistic about the future. The most significant cohort on the Bitcoin network, miners, are demonstrating worrying behavior.

This chart depicts the miner reserves metric, which measures the amount of BTC held on miner wallets. An increase in the miner reserves shows accumulation by the miners, while a decrease points to distribution by them.

It is evident that during the last couple of months, amid the considerable surge in price, the miner reserve metric has been dropping rapidly. This indicates that the miners are using the newly introduced demand as an exit opportunity.

They are consistently selling their holdings to buyers. The resulting selling pressure could lead to a bearish price reversal if demand shrinks in the near 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: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Epic turnover and sell-off scale—will the market face further pullbacks?

The options market has been aggressively repriced, with skew surging and strong demand for put options, indicating the establishment of defensive positions. The macro backdrop suggests the market is becoming increasingly fatigued.

Chaincatcher2025/09/27 17:19
Epic turnover and sell-off scale—will the market face further pullbacks?

Solana ETF Outcome Nears as SOL Dips Below $200

Quick Take Summary is AI generated, newsroom reviewed. Solana price falls below $200 due to pending ETF approval decision. Upcoming Solana ETF ruling may influence institutional investment flows significantly. Market indicators suggest short-term oversold conditions for the SOL token. Solana total value locked reaches a record $12.27 billion in DeFi. Analysts expect the ETF verdict could reset Solana price momentum quickly.References INSIGHT: $SOL slips under $200 as looming ETF ruling could flip the table

coinfomania2025/09/27 16:48

In-depth Analysis: PerpDEX Reshuffle Moment, What More Can Hyperliquid Offer?

This article will provide an in-depth analysis of the innovative applications within the Hyperliquid ecosystem, exploring how these projects are building sustainable competitive advantages for Hyperliquid in a highly competitive market, and will include ways to interact with them.

BlockBeats2025/09/27 16:26
In-depth Analysis: PerpDEX Reshuffle Moment, What More Can Hyperliquid Offer?