CandleFocus

Bitcoin Capped Below $65,000 As RSI Falls Below 80 In Monthly Chart: Should You Worry?

Author: Content Editor
The price of Bitcoin remains steady above $63,500, with a 7% increase over the previous week. The uptrend is expected to continue as long as prices stay above the support zone at $58,000 and $60,000. Traders are optimistic and there are expectations that Bitcoin will push above $65,000. However, the monthly chart shows that the upside momentum may be fading, as the Relative Strength Index (RSI) is falling below 80%. This could indicate a potential downward move if bulls fail to break above $65,000. Despite this, there is hope as Bitcoin has historically recovered when the RSI falls to this level. Traders should closely monitor price action as a drop to $60,000 could indicate a possible correction. The analyst remains bullish, stating that if Bitcoin reaches $73,000, it may rally strongly and attract fresh liquidity in the futures market, potentially driving prices to new all-time highs.

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