The level of overbought in the relative strength index (RSI) suggests that the BTC/USDT pair could enter a slight correction or a consolidation phase in the short term.

It is expected that the pullback will find support at the 20-day exponential moving average (EMA) at $111,843. If that happens, it would indicate that the bullish momentum remains intact. In that scenario, buyers will attempt to push the pair above $123,218, which would mark the beginning of a new stage in the upward movement with a target at $150,000.

The advantage would shift to the bearish side if the price falls below the 50-day simple moving average (SMA) at $107,631.