Crypto analyst CredibleCrypto pointed out on platform X that Bitcoin's monthly Relative Strength Index (RSI) has re-entered the overbought territory after several months. He reviewed the market performance during the last two times the monthly RSI entered the overbought area, when the monthly candlesticks rose by $22,200 and $33,000 respectively.

Currently, Bitcoin's price has risen by about $18,000 this month, with approximately 10 days remaining until the monthly close.