Key takeaways:
Bitcoin onchain and technical data suggest new all-time highs are imminent.
Glassnode data shows most Bitcoin wallet cohorts accumulating BTC.
A daily timeframe bearish divergence signals fading momentum, raising doubt on BTC’s ability to rally into the $120,000 to $130,000 range.
Bitcoin (BTC) price rallied back above $105,000 during the US market trading session, after forming a double bottom pattern in the 1-hour chart.
Bitcoin 1-hour chart. Source: Cointelegraph/TradingViewAvailable liquidity around the $102,500 zone was swept, possibly laying the foundation for new Bitcoin price highs this week.
Bitcoin fractals hint at new all-time highs
Bitcoin’s current range between $106,300 and $100,600 represents a similar setup to its previous range between $97,900 and $92,700. The price action pattern can be summarized into three different conditions:
Range lows and range highs led to immediate tren ..
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