#MarketPullback Godbole: Bitcoin seems ready for a price pullback while breaking above $80,000
Godbole: Bitcoin seems ready for a price pullback while breaking above $80,000
Chart studies reveal that the price surge of BTC seems overstated and could be preparing for a classic "bull market pullback".
Bear market economy vs bull market economy
The price surge of BTC seems overstated according to the differential between prices and the simple moving average (SMA) of 200 hours.
The RSI has diverged bearishly, suggesting that the bullish momentum has exhausted for now.
The broader outlook remains constructive.
Bullish but overstretched. That's how Bitcoin (BTC) looks in the short-term technical charts after Monday's breakout above $80,000.
The leading cryptocurrency by market capitalization surged to nearly $ 81,800 during Monday's Asian trading hours, marking a monthly gain of 15%, the highest since March, according to CoinDesk data.
