Bitcoin's price is finally breaking its previous all-time high, heading towards the $70K level. Technical analysis indicates that psychological resistance levels of $70K and $80K may be the upcoming targets for BTC in the coming months. However, the Relative Strength Index displays a clear overbought signal, suggesting a potential correction or consolidation in the short term.

On the 4-hour timeframe, the price is gradually climbing above the $69K resistance level, with a longer-term rally possibly on the horizon. Yet, the Relative Strength Index also enters the overbought region, indicating a bumpier road ahead for the BTC price. If a pullback occurs, the $64K support level might be a potential turning point towards higher prices.

Market sentiment is currently in a euphoric state, as Bitcoin's price rallies aggressively after making a new all-time high. However, this extreme optimism might prove costly for BTC, with the probability of a long liquidation cascade appearing high in the short term, potentially leading to a pullback or reversal.