Bitcoin has experienced a significant rally in the past five days, with its price increasing by $7,600, reaching up to $66,500. This marks the peak of its recent bull flag pattern.
Despite this impressive gain, the rally halted just shy of setting a new local high, which has raised questions among investors and analysts.
Momentum indicators are reflecting a potential peak, leading to concerns about a possible price reversal. Traders are now speculating on the extent to which the Bitcoin price might retract.
