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Bitcoin is up 7.6% in the past seven days, but it charted 6% gains in the past 24 hours alone in a very formidable push. However, it’s worth noting that we need to see a daily close above $64.8K, as well as a potential confirmation on the weekly chart to have more confidence in the current rally.
The Technicals
Bitcoin is currently pushing above the important resistance level at $64.8K on the intraday, and it’s looking to complete the cup and handle pattern that we have been tracking for the past couple of weeks.
The BTC price managed to set a few 4-hour closes above $64.8K, which is definitely a positive signal, but we do need to see the daily close above it so that the level can be turned into support. An even stronger buy signal would flash if the cryptocurrency manages to paint a weekly close above this level.
If bitcoin is successful in doing so, the next targets to consider after breaking the ATH above $67K would be $70.1K, $74K, $74.7K, and $80.5K.
The On-Chain
First things first, we can see that there’s a slight distribution from the 2-to-3-year and 3-to-5-year cohort, but there are definitely no major signs of aggressive distribution, which is positive.
It’s bullish because it indicates that most of the older cohorts are not interested in selling at these levels just yet.
Miners did sell a small amount during the recent move above $64.8K, but the aggregate miner reserves remain at 1.858M BTC, with no major signs of aggressive selling.