Bitcoin Blasts Above $41K as Traders Seek Higher Targets, Whats Next? (BTC Price Analysis)
Bitcoins price has gone parabolic over the last few days, rising almost 10% since the beginning of the month. However, a consolidation or pullback might occur soon. On the daily chart, Bitcoin has been rallying aggressively, breaking above several resistance levels. Following the breakout above $38K, the price has gone almost vertical, breaking past the $40K zone in no time. Currently, the market is holding above the $40K resistance level, and if it can close above the $40K level successfully, there is a considerable probability for a further rise toward the $48K level. Yet, even in this case, the price will likely experience a consolidation before any further upside move, as the relative strength index is demonstrating an overbought signal. Source: TradingViewLe graphique de 4 heures Looking at the 4-hour timeframe, the reason for the recent aggressive rally becomes more clear. The price has broken above the large rising wedge pattern, ending the consolidation period. Meanwhile, the probability for a pullback is even higher considering this timeframe, as the relative strength index is deep into the overbought territory and the recent 4-hour candles have been showing a decrease in bullish momentum. Therefore, the likelihood of a drop back below the $40K is very high in