Bitcoin's price is on the brink of setting a new all-time high, having surged past the $70,000 mark earlier this week. Despite a slight retracement, market participants remain optimistic about the potential for further rallies.

Technical analysis by TradingRage reveals that BTC has been rallying since rebounding from the $60K support level. Currently, the price is being supported by the $69K level. If this line holds, BTC could potentially rally towards the $75K resistance zone.

On the 4-hour chart, BTC is breaking above a recent bearish trendline, with the RSI also rising above the 50% threshold, indicating a shift in momentum in favor of the buyers. If the $69K support level holds, the price could potentially reach the $75K area, setting a new record high.

Sentiment analysis shows that many short-term holders have exited the market, selling their coins to new investors. However, as the SOPR metric rebounds, short-term holders are again taking profits as the price rallies. As long as there is sufficient demand, the price can continue to rise.