Bitcoin's price is showing signs of recovery, with potential for a new all-time high, according to a recent analysis by TradingRage. The cryptocurrency has rebounded from the $60K level and broken above the midline of a descending channel pattern, with the next resistance level at $68K. If this is broken to the upside, a new Bitcoin rally could be imminent.

On the 4-hour chart, the $60K support level has held up several times, preventing a deeper correction. The market is gradually approaching the $68K resistance level, and with the Relative Strength Index showing values above 50%, a breakout above this level seems probable in the short term.

In terms of on-chain analysis, Bitcoin's open interest is recovering with the price, following a dip during the correction. If the open interest does not rise rapidly as the price increases, a sustainable rally could be expected, especially with enough demand from the spot market. This suggests a bullish sentiment in the futures market, which could have a significant influence on Bitcoin's price.