Bitcoin's price has been consolidating around the $70K mark, forming a large triangle pattern on the daily chart, according to TradingRage's technical analysis. The market has reclaimed the $68K level and is moving toward the higher boundary of the pattern. If a bullish breakout occurs, a rally toward higher prices and a new all-time high can be expected in the short term.

On the 4-hour chart, the price has rebounded from the $64K level and pushed above $68K. The market's reaction to the higher boundary of the triangle pattern will determine whether a new all-time high can be expected in the coming weeks or if more consolidation is on the horizon. The Relative Strength Index also shows values above 50%, indicating that the momentum favors a bullish continuation.

TradingRage's on-chain analysis reveals that the short-term holder Spent Output Profit Ratio (SOPR) spiked significantly but rapidly dropped during the consolidation. This suggests that the profit realization phase is mostly over, and the market might be ready to begin a new bullish wave.