Bitcoin’s price has been on an almost vertical rise in the last few days, approaching its all-time high of $69K. Yet, the cryptocurrency might not make a new record right away, as some warning signals are pointing to a short-term correction.
Technical Analysis
By TradingRage
The Daily Chart
On the daily timeframe, it is evident that the price has been rallying aggressively during the last month, breaking past several significant resistance levels. The market is currently one step away from making a new all-time high, as there are no significant long-term resistance levels left apart from the $69K level itself.
Yet, the Relative Strength Index demonstrates a clear overbought signal that could point to a potential consolidation or pullback in the coming days.
The 4-Hour Chart
Looking at the 4-hour timeframe, the price has created a short-term resistance level at the $64K mark. BTC has been…
