Bitcoin (BTC) price has scraped the $44,000 psychological level as the fear of missing out (FOMO) continues to drive the cryptocurrency market.

Effectively, themove has seen BTC break above the midline of a supply zonestretching from $40,517 to $46,972 on the weekly timeframe. Typically, a break and close above the midline of such a supply barrier confirms the continuation of the primary trend. Investors should watch for a close.

Meanwhile, the odds continue to favor the upside. The Relative Strength Index (RSI) remains inclined to the north, suggesting momentum is still rising.

Increased buying pressure above current levels, therefore, could see Bitcoin price overcome this supply barrier, flipping it into a bullish breaker, in a move that could set the tone for Bitcoin price to target $50,000 next. Such a move would constitute a 10% climb above current levels.

BTC/USDT 1-week chart

Nevertheless, considering BTC is already massively overbought, investors should not be surprised if a pullback happens. Experts evaluatethe potential for a correction to the $30,000 psychological level even as markets continue to front-run spot BTC exchange-traded fund(ETFs) approvals.

Also Read:Altcoin plays for traders as Bitcoin crosses $42,000

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Breaking: Bitcoin price breaks $44,000: Is $50K next as BTC confirms a move above a weekly supply zone? - FXStreet