A notable development has occurred in Bitcoin’s technical outlook. The cryptocurrency’s Relative Strength Index (RSI) rose to the 84-86 range, pushing Bitcoin into its strongest overbought zone since November 2024. This rise in the technical indicator has attracted investor attention following Bitcoin’s recent sharp gains.
Bitcoin recently broke above its trading range of $62,000 to $71,000. Following this breakout, the cryptocurrency surged by up to 12% in just one to two days, coming very close to the $80,000 level at one point. This sharp price movement also led to a significant liquidation of short positions in the market.
According to the data, over $3 billion in short positions were liquidated within 24 hours during Bitcoin’s surge. These forced position closures caused investors who had taken short positions to exit the market, and the resulting liquidations contributed to a further acceleration of the upward movement.
In the short term, the $77,000 level stands out as an important support point for Bitcoin. Analysts believe that the price remaining above this level is critical for maintaining the uptrend. Conversely, it is noted that a loss of the $77,000 support level could strengthen short-term selling pressure.
In Bitcoin, the RSI approaching its highest overbought region in two years indicates that strong momentum coexists with the risk of a potential correction.
*This is not investment advice.
