Profit-taking continued within today’s Asia hours, pressing the price of Bitcoin [BTC] down, now about 5% below its all-time high just shy of $65k. The cryptocurrency is trading around $62,400 USD as of the reporting time and support is nearby around $61k.
Buyers are losing strength as Bitcoin’s upside momentum slows. The RSI [Relative Strength Index] on the hourly chart registered lower highs despite the breakout over $61k earlier on Tuesday.
Overbought signals on the RSI typically end in brief pullbacks, like the 5% drop by Bitcoin earlier on 10th March.
The RSI isn’t yet oversold, although support near the 200-period moving average on the hourly chart could attract purchasers.
The recent Bitcoin all-time high of around $64,800 USD is presently resistant; buyers will get to push past this level to resume the long-term uptrend.
Wednesday’s re-test of the $61k breakout level is constructive and suggests selling pressure will remain limited over a short period of time for time.