Bitcoin Price Risks Pullback Before Testing $8K Again

Bitcoin (BTC) could be in for a minor price pullback, having clocked a 39-day high above $7,500 earlier today, technical charts indicate.

The leading cryptocurrency rose to $7,562 on Bitfinex at 03:00 UTC and was last seen changing hands at $7,400 – up nearly 10 percent on a 24-hour basis. Further, the price rally has pushed the week-on-week gains higher to 15 percent.

On Tuesday, BTC crossed the inverse head-and-shoulders neckline resistance of $6,838 with strength, confirming a short-term bearish-to-bullish trend change.

So, a rally to $7,900 (inverse head-and-shoulders breakout target) could be on the cards. However, the move may not happen in the next 24 hours as the retreat from $7,562 to $7,370 indicates the bulls are keen on booking profits, having pushed BTC higher by more than $1,300 in the last 72 hours.

Further, the technical charts are also reporting intraday overbought conditions, meaning a price pullback could be in the offing before the rally continues….