Bitcoin's (BTC) refresher pause has likely set the tone for the next leg higher in prices.
The leading cryptocurrency has spent a better part of the last 15 hours trading the $7,240–$7,440 trading range, having clocked a 40-day high of $7,588 yesterday. Moreover, BTC was looking overbought at multi-week highs, hence a minor correction was expected. More importantly, the price pullback and the subsequent consolidation, when viewed against the backdrop of the high volume inverse head-and-shoulders breakout, indicates that BTC has likely gathered steam for a more sustainable rally towards $8,000. Bitcoin trading volume is up 100% from its recent low. It's down 0.48% over the past 24 hours and is currently trading at $7,378.40 on Coinbase.