$BTC Bitcoin is showing remarkable strength. Just a month ago, it was trading around $75,000, but it has already surpassed $104,000. Are we close to a new all-time high?

How is Bitcoin doing?

To analyze this, we look at the daily chart of BTC. Each candle represents a full day, giving us a clear view of the price evolution. We can see that Bitcoin has broken the downward trend of the last few weeks.



Since it reached its previous all-time high of $109,500, the price entered a descending phase (marked with orange arches). Lower highs and lower lows were being formed, indicating a negative trend. Only a higher high could reverse this situation.

Heading towards a new record?

This happened on April 22, when Bitcoin strongly surpassed its previous high, rising nearly 7% in a single day.

Since that moment, the price has continued to rise, marking higher and higher highs (indicated with red dotted lines). The only level that still remains to be surpassed is the all-time high, marked with a purple dotted line.

If this upward trend continues, it would not be surprising to see a new record this very week. However, after such a strong rise, a correction could also occur. To understand it better, let's delve deeper.