According to CryptoPotato, Bitcoin's price has bounced back from the $65K mark a few days ago and is on track to set a new all-time high soon. The daily chart reveals a large symmetrical triangle pattern, with the market currently testing the upper boundary of this pattern. If the price successfully breaches the upper boundary, a rally toward the $75K level and the creation of a new all-time high could become increasingly likely. The Relative Strength Index also displays values above 50%, suggesting that the momentum is bullish and a price surge is probable.
In the 4-hour timeframe, the price has recently surpassed the triangle pattern and is currently retesting the broken trendline. If a successful rebound occurs, BTC could ascend toward the $75K and potentially higher. Conversely, a fall back inside the triangle could render the recent breakout a false one, making a decline toward the lower boundary of the pattern or even the $60K support zone more likely.
As the Bitcoin price has rebounded above the $70K level, market participants are anticipating BTC to set a new all-time high soon. This optimism is reflected in the holding behavior of investors. The Net Unrealized Profit Loss (NUPL), which is the difference between market cap and realized cap divided by market cap, suggests the total amount of profit/loss in all the coins. The NUPL metric shows values above 0.5, similar to what was observed during the 2022 all-time high. While the market can still climb higher, the amount of unrealized profits can be concerning, as mass selling pressure could lead to a significant price crash.
