Bitcoin has been consolidating around its all-time high, with a 30% surge in price over the last few days. The bull run is still ongoing, with the market struggling to get past the $92,000 mark. The technical analysis suggests that it could be a matter of time before Bitcoin trades above $100,000. The 4-hour chart shows a clear picture of the recent price consolidation, forming a symmetrical triangle pattern around the $90,000 region.
If the asset breaks the pattern to the downside, it would most likely be a short-term correction. On-chain analysis, using the Bitcoin Short-Term Holder SOPR, reveals that short-term market participants are realizing their profits less aggressively. This could result in a further rally in the near term, as selling pressure decreases compared to before.
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<p>The post Bitcoin’s Bullish Momentum: Price Consolidation and On-Chain Analysis first appeared on CoinBuzzFeed.</p>
