Bitcoin Price Analysis: BTC Bulls Eye $80K Following 8% Weekly Surge

Bitcoin has recently achieved a new record high after a steady uptrend over the past few months. Investors are now keen to see how far BTC can rise.

The Daily Chart

The daily chart indicates that Bitcoin has decisively surpassed its previous all-time high of $74K. With the market still trading close to its 200-day moving average, the $80K target appears achievable in the near term.

However, the Relative Strength Index (RSI) is signaling an overbought condition, suggesting a potential consolidation or short-term correction may occur soon. As long as Bitcoin remains above the 200-day moving average, currently around $64K, the overall trend remains bullish, indicating that higher prices could be on the horizon.

The 4-Hour Chart

Analyzing the 4-hour chart reveals a similar trend. Recently, Bitcoin rebounded sharply from the $68K level, leading to a bullish breakout past the $74K mark and establishing a new all-time high.

The RSI on this timeframe also shows overbought signals, indicating that a pullback to the $74K level might happen before BTC continues its ascent toward $80K.

Sentiment Analysis

Bitcoin Funding Rates

With Bitcoin achieving a new all-time high, market participants are optimistic that a new rally has commenced. Analyzing the futures market sentiment is crucial, as it significantly impacts short-term price movements.

The BTC funding rates metric, which indicates whether buyers or sellers are more aggressive, has remained positive over the past few weeks. However, despite the new all-time high, the funding rate values are lower than those seen during the previous record high earlier this year. This suggests that the futures market is not yet overheated, implying that Bitcoin could continue to rise in the upcoming months.