Bitcoin (BTC) traders expect a short-term correction as a key BTC price strength metric rises to its highest levels in almost fifteen weeks.
Key takeaways:
- Bitcoin’s “overbought” RSI historically precedes significant corrections.
- Bitcoin could see a short-term price drop if the price breaks below the $78,000 support.
Bitcoin metrics suggest BTC price is “overheated”
Bitcoin’s 36% rally to $82,800 on Wednesday from its macro low of $60,000 has significantly impacted its daily RSI.
On the daily chart, the RSI rose to 70 on Wednesday from local lows of 39 in March.
“$BTC’s daily RSI went overbought right as we tagged the 200-day EMA,” trader Jelle said in a Friday post on X, adding:
“It makes sense to find resistance here.”
BTC/USD weekly chart. Source: Cointelegraph/more
Source cointelegraph.com
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