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Bitcoin Price Hits New All-Time High – What’s Next?

Bitcoin’s price has soared to a new all-time high, fueled by optimism surrounding Donald Trump’s inauguration. However, amid the excitement, investors should remain cautious and focus on risk management.

Bitcoin Price Technical Analysis

Daily Chart Overview

Bitcoin has re-entered a bullish phase after bouncing off the $92K support level. It successfully broke through the crucial $100K resistance and even retested it before reaching a new peak at $110K.

The $100K level now acts as strong support, with the RSI indicating bullish momentum. If this support holds, Bitcoin could rally toward the $120K mark in the short term.

4-Hour Chart Insights

On the 4-hour chart, Bitcoin’s breakout from a large falling wedge pattern has paved the way for its new all-time high. The upper boundary of this pattern has been retested twice, pushing prices higher.

However, the market’s swift rejection at $108K raises concerns. If Bitcoin fails to hold the $100K support, a potential price reversal may occur in the coming days.

On-Chain Analysis: Exchange Netflow Trends

Bitcoin Exchange Netflow

Bitcoin’s recent surge has sparked bullish expectations among investors, as reflected in the exchange netflow metric. This indicator tracks the net amount of BTC deposited or withdrawn from exchanges.

A negative netflow, which has been observed for months, suggests that more Bitcoin is being withdrawn than deposited. This trend indicates accumulation, hinting at bullish sentiment and the potential for further price increases due to a supply shock.

What’s Next for Bitcoin?

If the current accumulation trend continues and market optimism remains high, Bitcoin’s price could climb even higher in the coming weeks. However, a break below the $100K support level might trigger a short-term correction.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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