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Bitcoin Price Analysis: BTC/USD retreats from $10,000 after a brief flirtation

FX Street
Updated:
  • The overall market sentiment remains bullish as investors consolidate their positions pre-halving.
  • The RSI indicator has gone up further in the overbought zone and is hovering around 78.05.

BTC/USD daily chart

BTC/USD daily chart

BTC/USD fell down from $10,000 to $9,910 in the early hours of Friday as the bears stepped in to correct the price following a heavily bullish Thursday. This Thursday, the price jumped from $9,158.30 to $10,000 as the bulls continued to consolidate their positions pre-halving and crept above the 20-day Bollinger Band. The RSI indicator is trending around 78 within the overbought zone suggesting that the price is currently overvalued and a short-term bearish correction is expected. The MACD indicates increasing bullish market momentum.

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