• Bitcoin’s price has recently surged and broken past a key resistance level.
• The key $30K zone is the next probable target in the short term.
• The RSI indicator should be monitored closely as it is entering the overbought zone.
Bitcoin Price Surges
Bitcoin has been trending impulsively to the upside, finally breaking above the $25K resistance level. This surge in Bitcoin’s price has been attributed to a rebound from its 200-day moving average which was around the $20K mark a few days ago.
$30K Target in Sight?
The current focus for investors is on reaching the key $30K zone, which could potentially trigger a bullish phase in the coming months. However, caution needs to be taken as the RSI indicator is entering into an overbought territory and may lead to a pullback or consolidation if it falls below 70%.
4-Hour Chart Analysis
On closer inspection of the 4-hour timeframe, it appears that two significant resistance levels have been broken – both at $23K and $25K – which can now provide support for any potential retracements. Furthermore, similar to the daily chart, RSI signals are also indicating overbought levels in this timeframe, thus investors must keep an eye out for any bearish pullbacks.
As of now, Bitcoin looks bullish with market structure looking good with no signs of bearish reversal patterns forming yet. With that said, however, investors must remain vigilant as there are still some warning signals such as those given by RSI that suggest that some caution may be necessary moving forward.
In conclusion, Bitcoin looks likely to reach its projected target of $30K in the near future due to its recent surge in price past several key resistance levels; however investors should watch out for any bearish pullbacks signaled by RSI indicators as they move forward with their investments.