Bitcoin Price Treading Water as Higher Highs Continue
The Bitcoin price has been trading sideways after breaking out last Thursday and tagging the key overhead resistance at $82,350. This breakout led to another higher high being made, but the question remains whether the bulls can come back and take out the critical macro high at $82,825.
The 4-hour time frame chart shows that the price action has morphed from a pennant/wedge structure into a slightly ascending channel. This could be the structure that allows the $BTC price to break through the key overhead resistance and make a macro higher high.
However, if the bulls fail to maintain their dominance, the 4-hour Stochastic RSI indicator lines may signal renewed downward price momentum, leading to another assault on the lower low. On the other hand, if the breakout occurs, an explosive sortie from the top of this channel could be what to expect next.
The bulls still hold sway in the market, and it would take a correction below $69K for any concern to start playing on their minds. If the bull flag plays out, the measured move would be to around $95,400, not far short of the $97,900 needed to officially change the bear trend back to the bull.