I would like to share an update on the current state of Bitcoin (BTC) in the daily timeframe. Following a recent decline to around 24.7k, BTC has exhibited a noteworthy recovery, successfully surging toward the 30k mark.
At present, an evident pattern emerges. The price level of 30k has proven to be a significant resistance level for BTC. Notably, the Relative Strength Index (RSI) has entered the overbought zone at this crucial point, indicating a potential impending rejection or pullback.
On a positive note, if BTC manages to overcome the 30k resistance, it would pave the way for further upward movement. The subsequent target for BTC would be set at 40k.
To summarize the key points:
30k presents a formidable resistance level for BTC. A minor correction is likely to occur in the near future. In the event of a breakout above 30k, the subsequent target for BTC is 40k.
I hope this updated analysis proves to be valuable and informative for all readers.