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Having broken out of its bear flag on Monday, the $BTC price is starting to hold above this crucial formation. The price needs to spend more time above the flag before the breakout can be official. If this happens, how far could Bitcoin rally from here? Bitcoin holds above bear flag and now looking to break major resistance Source: TradingView The above short-term time frame chart reveals the current breakout for the $BTC price . After initially breaking through the upper trendline of the bear flag , the price did dip back inside the flag, but as can be seen, the price is in a small ascending channel, and it was the bottom of this channel that held as support. The price did emerge from the flag again, and now it can be observed that after getting rejected from the $80,600 horizontal resistance, a new 4-hour candle has opened above. The price has just rejected from the top of the channel, so it now remains to be seen whether the price can hold onto this major level and flip it into support. So far so good for the bulls Source: TradingView The daily chart gives us an even clearer view of this breakout. While the picture on Monday morning looked to be portraying a possible fakeout , the $BTC price was just about able to stay above the upper trendline of the bear flag, and now on Tuesday there is a firm green candle standing above the flag. There is still the rest of the day to go, but things are looking good so far for the bulls. It can be seen in the chart that while the 50-day SMA and 100-day SMA have had a bullish cross up , the 200-day SMA is soon to become another strong barrier for the bulls to overcome. It also needs to be taken into account, that if the price should get there, the $84,600 horizontal resistance level is also the area where a CME futures gap can be closed. Caution is advised as the $BTC price approaches these particular obstacles. The price is starting to become overbought in the shorter time frames. A pullback could take place in the next day or so. The current $80,600 level is the major battleground Source: TradingView While the previous two charts certainly show a developing breakout from the more than 3-month bear flag, the weekly chart provides a rather more cautionary outlook. It’s only from the far more elevated perch of this high time frame that one can see the $80,600 horizontal resistance for what it is, and that is a really strong level that can have a crucial bearing on this current rally, and also on the continuance of this bear market. It really can be said here that it’s make or break for the bulls. A hold above this resistance at the end of this week, could provide the platform for a complete turnaround in the fortunes of the bulls. On the other hand, if the bulls run out of steam during this week, and the $BTC price fails to break this resistance, and falls back inside the bear flag, this could potentially lead to the next leg to the downside. The positives are that the Stochastic RSI indicator lines are signalling full upside momentum, and the RSI indicator at the bottom of the chart is poking its head through the descending trendline. Nevertheless, this can quickly change. The Middle East conflict is more uncertain than ever, and the U.S. stock market has hit all-time highs . A reversal here would likely impact negatively on Bitcoin. The bulls have reached the brink. It’s now in the lap of the gods whether the $BTC price can continue this rally, or whether a crash could be looming in the near future. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.