#BinancePizza 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 bearish trend of the last few weeks.

Since it reached its previous all-time high of $109,500, the price entered a downward phase (marked with orange arcs). 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 then, the price has continued to rise, marking higher highs (indicated with red dotted lines). The only level that still needs to be surpassed is the all-time high, marked with a purple dotted line.

If this bullish trend continues, it wouldn't 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 dive deeper.