Bitcoin Explodes 11% Weekly but the Chances of a Correction Increase: BTC Price Analysis

Cryptocurrency is entering uncharted territories, and predicting its upside potential becomes a lot more challenging. However, there are some hints interpreted from technical and on-chain analysis.

The psychological resistance levels of $70K and $80K might be the upcoming targets for BTC in the coming months. Yet, the Relative Strength Index displays a clear overbought signal, which can point to a potential correction or consolidation in the short term.Looking at the 4-hour timeframe, the recent consolidation becomes much more clear. The price is gradually climbing above the $69K resistance level, and a longer-term rally might soon begin.

Source: Digital Coin News (digitalcoinnews.net)

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