As mentioned yesterday, Bitcoin broke through the resistance level and rallied towards the previous high. It is now consolidating near today’s peak, showing some volatility.
From a technical perspective, the lower boundary of the 4-hour ascending channel — or the EMA20 — suggests that bulls remain in control, with any pullback likely serving as consolidation before further upside. A decisive break above the prior high could trigger an acceleration in upward momentum.
Those holding positions should remain cautious of potential profit-taking amid this elevated consolidation, particularly around key weekly resistance zones.
In Summary
– Short-term strategy: Maintain a bullish bias on pullbacks as long as support holds, but consider taking partial profits near the previous high.
