Bitcoin price has rebounded from the 65K level a few days ago and is about to set a new all-time high soon.
According to technical analysis, the price is forming a large symmetrical triangle pattern. Currently, the market is testing the upper limit of the pattern. If the price successfully breaks above the upper limit, a rally towards the 75K level and a new all-time record could become possible.
Looking at the 4-hour time frame, the price appears to have broken above the triangle pattern and is now retesting the broken trend line. In case of a successful reversal, it is possible for BTC to rise to 75K and possibly higher.
Additionally, Bitcoin price appears to have risen above the 70K level and market participants are expecting BTC to set a new all-time high soon. This optimism can be seen through the holding behavior of investors. However, the amount of unrealized profits can be alarming because a mass selling pressure could cause a significant price collapse.
