Bitcoin has been on an uptrend for the last seven days and has managed to recover more than 25% of its value. The price managed to break the resistance level at the 23.6% Fibonacci retracement. We had not seen the price above the $37,000 mark since June 17th.
The price currently trades inside the Ichimoku cloud, which suggests that the markets are undecided. At some point, the crypto asset broke the $40,000 barrier for a few hours but fell to the high 30’s shortly after.
The relative strength index is currently at 64% and is getting closer to entering an overbought status; the price is trading above the upper Bollinger band suggesting that the price is relatively high,
Our parabolic SAR indicator suggests that the uptrend will continue; however, we do not believe it will last too long as other technical indicators suggest otherwise.
The price might continue climbing for a few more hours, even a few more sessions, but it is reaching a high RSI, and markets look undecided.
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