Bitcoin broke out of a bull flag on Wednesday, though BTC price did not surge immediately. Is this just a brief consolidation period before a surge, or another false alarm?

Not completed

The first three days of this week have been quite bullish for Bitcoin, with the price rising more than 5% and breaking through the top of a long-term bull flag pattern on its fourth attempt, and currently remaining above that position on Thursday.

However, things are certainly not settled yet. A daily close above the top of the bull flag is necessary, and perhaps another two or three days of closes would be better. Then there is resistance at $71,300, which needs to be turned into support, and only then can $BTC go on to test the all-time high of $73,700. #BTC☀

Will there be more tug-of-war for the rest of this week?

Nevertheless, it seems that Bitcoin can indeed succeed this time. Although the momentum of the Stochastic RSI indicator is moving downwards on the shorter timeframes, the opposite is the huge buying pressure from the spot Bitcoin ETF. If this tug-of-war can continue, perhaps at least for the rest of the week, the 4-hour and 8-hour RSI may fall and reset.

Retest support?

In the short term, $BTC price may indeed return to the bull flag. This may bring the price back to the $69,000 support level, which may also coincide with the rising trend line. (Layout is ongoing, communication: BNB226622 welcomes everyone to participate actively and witness the moment of miracle together)

Nonetheless, even if $BTC does pull back to retest support, strong buying power for spot Bitcoin ETFs could persist and the next bull wave could arrive once price confirms above the flag and resistance levels.

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