After breaking above $10,000, bitcoin euphoria fades | News

Euphoria around Bitcoin’s break above $10,000 over the weekend appears to be short-lived.

The largest cryptocurrency found resistance just above that level, reaching as high as $10,194 on Sunday before pulling back, according to data compiled by Bloomberg. It similarly struggled with that level in September when it crossed $10,000- the month that followed saw it lose more than 14%.

In addition, the token is overbought based on the 14-day relative strength index (RSI), which crossed the 70 mark. Assets are considered overbought if the RSI exceeds 70. Those two factors suggest a potential retreat ahead as the coin struggles to meaningfully break out from its recent trading range.

“It’s a consolidating bull market,” Mike McGlone, an analyst with Bloomberg Intelligence wrote in a recent note. “Volume and open interest in futures, and on-chain addresses used, are primary Bitcoin-adoption metrics that have soundly increased vs. a month ago, supporting price appreciation. The next key…