This shape is generally a bearish pattern, with the likelihood of a breakdown to the next major support area.
The rising wedge pattern is one of the numerous tools in technical analysis, often signaling a potential move in the asset or broader market. Recognizing this pattern involves identifying a narrowing range of prices enclosed by two upward-sloping trendlines that converge over time.
Price is stalling at a major resistance. This is likely to be an area for traders taking profit who bought in the range of 16,000 to 30,000.
The RSI is above 70, which often signals a reversal for BTC.
The next major support coincides with the area between the .5 and the .618 fib retracement level around 31,000.