Bitcoin Price Analysis: BTC Breaks Record High, Eyes $80K Target
By Edris Derakhshi (TradingRage)
Bitcoin’s Bullish Momentum Continues
Bitcoin has finally surpassed its previous all-time high of $74K, following a steady uptrend over the past few months. With the cryptocurrency now hovering near its 200-day moving average, there’s potential for further gains, with the $80K mark being a possible target in the near term.
The Daily Chart Outlook
On the daily timeframe, Bitcoin’s recent price action shows a strong break above its prior all-time high, signaling continued bullish momentum. As the market remains above its 200-day moving average, currently around the $64K level, the bullish trend is intact, suggesting more upward movement in the coming months.
However, the Relative Strength Index (RSI) is signaling overbought conditions, which could indicate a potential consolidation or short-term correction. Still, as long as BTC stays above the critical 200-day moving average, the overall outlook remains positive, with higher price levels likely.
The 4-Hour Chart
On the 4-hour chart, the situation appears nearly the same. A few days back, the price sharply rebounded from the $68K level, leading to a bullish breakout above $74K and pushing BTC to a new all-time high.
Currently, the RSI indicates an overbought condition on this timeframe. As a result, a pullback to $74K may occur soon before the market potentially resumes its climb toward the $80K level.
Sentiment Analysis
By Edris Derakhshi (TradingRage)
Bitcoin Funding Rates
With Bitcoin reaching a new all-time high, market participants are optimistic about the start of another rally. In this context, analyzing sentiment in the futures market becomes crucial, as it plays a key role in short-term price movements.
This chart shows the BTC funding rates, which reflect whether buyers or sellers are more aggressively placing orders. Positive funding rates signal bullish sentiment, while negative rates suggest a bearish outlook.
As illustrated, BTC funding rates have remained positive in recent weeks. However, despite the recent all-time high, current funding rates are still notably lower than those observed during the previous record high earlier this year. This suggests that the futures market is not yet overheated, leaving room for further potential gains in Bitcoin over the coming months.
