Bitcoin Holds Bullish Bias: Can it last?

After hitting a new local high of $81,250 on Tuesday, many are thinking that this might have been the top for Bitcoin. However, a day later and the $BTC price is generally going sideways. Could there be one more upward spike that takes the price through resistance at $82,350, or is the price rolling over before a crash to the downside?

Another bullish pattern?

Source: TradingView

The 4-hour chart reveals that the $BTC price may not be done to the upside just yet. After breaking out of the top of the bull pennant (more touch points than the bull flag alternative), the price was stopped at the $79,100 horizontal resistance level. Since then it has been above and below, but the important thing is that a small falling wedge appears to have developed, and excitingly for the bulls, the price has already broken out of this wedge and there just remains the $79,100 horizontal resistance to be overcome again.

At the foot of the chart, the Stochastic RSI indicator lines are right at the bottom and look to be crossing back up. This could signal the upside price momentum that could take the $BTC price up to the main overhead resistance.

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