BTC/USD retraces the decline from the record high ($69165) to keep the Relative Strength Index (RSI) in overbought territory.
BTC/USD Outlook
BTC/USD seems to be coiling above the December 2021 high ($59102) as it holds within the weekly range, and Bitcoin may continue to register fresh record highs as long as the RSI holds above 70.
Psychological areas of interest are in focus as BTC/USD pushes into uncharted territory, with a move above the $70000 handle opening up $77790 (161.8% Fibonacci extension).
However, failure to hold above the December 2021 high ($59102) may pull from overbought territory, with a break/close below $57590 (78.6% Fibonacci extension) bringing the $53510 (61.8% Fibonacci extension) to $53630 (23.6% Fibonacci retracement) region on the radar.
--- Written by David Song, Strategist
BTC/USD Outlook
BTC/USD seems to be coiling above the December 2021 high ($59102) as it holds within the weekly range, and Bitcoin may continue to register fresh record highs as long as the RSI holds above 70.
Psychological areas of interest are in focus as BTC/USD pushes into uncharted territory, with a move above the $70000 handle opening up $77790 (161.8% Fibonacci extension).
However, failure to hold above the December 2021 high ($59102) may pull from overbought territory, with a break/close below $57590 (78.6% Fibonacci extension) bringing the $53510 (61.8% Fibonacci extension) to $53630 (23.6% Fibonacci retracement) region on the radar.
--- Written by David Song, Strategist