Bitcoin’s price has effectively breached the $30,000 resistance threshold and is presently experiencing robust upward momentum.
While BTC appears unstoppable at this juncture, there remains a noteworthy likelihood of a transient correction.
Technical Analysis
By Edris
The Daily Chart
On the daily chart, it becomes apparent that the price has experienced fervent rallying subsequent to its breakout above the 200-day moving average, situated around the $28,000 mark. The $30,000 resistance level has been decisively surmounted, ushering in a new bullish phase.
Simultaneously, the Relative Strength Index (RSI) is registering values exceeding 70%, signifying a pronounced overbought condition. This could be construed as a bearish indicator, hinting at a potential retracement or consolidation in the short term.
Source: TradingView
The 4-Hour Chart
When assessing the 4-hour timeframe, it is discernible that the price commenced its recent parabolic ascent following a breakout from the bullis
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