Bitcoin price reached a new high after a period of consolidation and correction. This has led many investors to believe that a new all-time high will be formed in the coming months. 📈

On the daily chart, the price climbed above the important $48,000 resistance level and is targeting the $52,000 resistance level in the short term. On the other hand, the Relative Strength Index shows a clear overbought signal, indicating a possible correction in the near term. However, with the $48,000 area turning into a support level, the market is unlikely to experience a deep decline. 📊

Looking at the 4-hour time frame, the price is rising almost vertically and easily surpassing multiple resistance levels. BTC is currently trading above the $48,000 level, but the psychological resistance at $50,000 seems to have rejected the price. The market is likely to retest the $48,000 broken level in the short term and then continue towards the $52,000 resistance zone. 💹

Although Bitcoin miners' reserves are increasing rapidly in price, not all market participants are optimistic about the future. Miners appear to be one of these groups. The miner reserve metric measures the amount of BTC held in miners' wallets. Increases in miner reserves indicate accumulation, while decreases indicate miners offloading their coins. As seen in the chart, the miner reserve metric has been falling aggressively during the price's recent rally. Miners appear to be using the increase in demand to realize profits on their coins. While this is natural behavior in bull markets, if counterparty demand decreases, the resulting selling pressure could lead to a bearish reversal. 🐻