Bitcoin is slightly overbought right now, which can be seen in the break above the cloud with the projected cloud still bearish. After creating a double top just above 60K price has moved down in two waves to retest the lower cloud support, as well as the 200 SMA and almost reaching the 50% Fib of the recent leg up. The current bounce was clearly announced by a bullish divergence on the MACD M15 chart (which is typical for BTCUSD in this bull trend.) If price holds above or inside the cloud awaiting a bullish projected cloud twist, we will see more upside and likely a test of previous highs. The target of the falling channel/Flag is still in play with a target around 69K. Only a break and hold below the Cloud on this H4 timeframe, will negate this bullish scenario and we might see a deeper correction towards the 61,8 Fib up current up leg @ 54 100.