The air is tense; emotions are high; Bitcoin is rallying up for another bull run. Following Monday’s 10% pullback, BTC is back in the game and has surpassed the $40,000 resistance level.
As of now, the resistance level stands at $42,692. Almost two weeks back, Bitcoin touched its support level of $29,088 and has started on an upward rally since.
Among the bullish sentiment, fear that the currency is overbought also exists. This could mean that a correction perhaps later next week could take place as well as triggering some profit taking after an almost 25% rise over the past week.
A chart of the crypto’s relative strength index (RSI) shows this better.
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