#MarketPullback

Godbole: Bitcoin seems ready for a price pullback while breaking above $80,000

Chart studies reveal that the BTC price surge looks exaggerated and could be set for a classic "bull market pullback."

Bear market economy vs bull market economy

The BTC price surge appears exaggerated according to the difference between prices and the simple moving average (SMA) of 200 hours.

The RSI has shown bearish divergence, suggesting that bullish momentum has exhausted for now.

The broader outlook remains constructive.

Bullish but overextended. That's how Bitcoin (BTC) appears in short-term technical charts following Monday's break above $80,000.

The leading cryptocurrency by market capitalization surged to nearly 3,698,422,735,681.800 during Monday's Asian trading hours, marking a monthly gain of 15%, the highest since March, according to CoinDesk data.