RATE Group | Indicator Suggests Bitcoin’s $8K Rally Is Overstretched
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Indicator Suggests Bitcoin’s $8K Rally Is Overstretched

24 Jul Indicator Suggests Bitcoin’s $8K Rally Is Overstretched

Posted at 12:08h in Bitcoin News by

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Bitcoin (BTC) market has had a bullish start to the week, but the momentum could wane in the next few days, technical studies indicate.

The leading cryptocurrency rose to a fresh two-month high of $8,130 on Bitfinex today, having witnessed an inverse head-and-shoulders breakout last week.

The 39 percent rally from the seven-month low of $5,755 reached on June 24 has put the bulls back in a commanding position. Hence, further gains could be on the cards, albeit after a brief pause or a price pullback as a key technical indicator is flashing overbought conditions.

At press time, BTC is changing hands at $8,100 on Bitfinex — up 40 percent from the seven-month low of $5,755 reached on June 24.

Daily chart

The relative strength index (RSI), one of the most widely used momentum indicators, jumped above 70.00 (overbought zone) earlier today and is currently located at 74.56 — its highest level since December.

So, it could be said that bitcoin is at its most overbought level in…

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