Bitcoin trader issues 'overbought' warning as BTC price eyes $84K

1 day ago

Bitcoin (BTC) ticked higher astatine the March 31 Wall Street unfastened arsenic traders stayed risk-averse connected the short-term BTC terms outlook.

Bitcoin RSI teases bearish continuation

Data from Cointelegraph Markets Pro and TradingView showed section highs of $83,914 connected Bitstamp, with BTC/USD up 1.5% connected the day.

With hours to spell until the quarterly candle close, Bitcoin saw immoderate much-needed relief, adjacent arsenic US stocks opened lower.

Market momentum remained tied to upcoming US commercialized tariffs acceptable to spell unrecorded connected April 2, with golden besides slipping aft touching caller all-time highs of $3,128 per ounce.

Commenting connected BTC terms action, galore marketplace participants nevertheless favored caution.

“Retesting our 84k country of interest,” fashionable trader Roman wrote successful his latest X analysis of the 4-hour BTC/USD chart.

Roman referenced the comparative spot scale (RSI) portion forecasting a instrumentality to levels person to the $80,000 mark.

“To maine it looks similar we should statesman to caput little arsenic we person a interruption down and bearish retest connected LTF,” helium continued.

“RSI besides retesting the 50 country with stoch overbought. HTF inactive leans bearish arsenic well.”

Popular trader and expert Rekt Capital went further connected RSI signals, revealing a enactment retest connected regular timeframes aft a key breakout from a multimonth downtrend.

“The $BTC RSI is trying to retest its Downtrend arsenic support. Meanwhile BTC's terms enactment is besides facing a Downtrend,” helium summarized to X followers.

“If the RSI successfully retests its Downtrend... That would show emerging spot & terms would beryllium capable to interruption its ain Downtrend.”

Earlier, Cointelegraph reported connected assorted BTC terms metrics combining to nutrient a lackluster representation of the existent signifier of the bull market, hinting that the correction would continue.

BTC terms targets, meanwhile, present extend to $65,000, with prediction platforms seeing even lower.

BTC terms investigation draws comparisons to precocious 2024

Both March and Q1 show frankincense near overmuch to beryllium desired.

Amid a wide deficiency of upside catalysts, BTC/USD traded down 10.8% year-to-date astatine the clip of penning and 1.1% little for March, per information from monitoring assets CoinGlass.

In its latest analytics report, “Bitfinex Alpha,” released connected March 31, crypto speech Bitfinex acknowledged that 2025 was Bitcoin’s worst archetypal 4th successful years.

“Any buying momentum is presently being capped astatine the $89,000 level—coinciding with the erstwhile scope lows seen successful December 2024, and acting arsenic a steadfast absorption level to further gains,” contributors observed.

“This absorption is besides coinciding with further downside successful equities, with the S&P 500 closing the week 1.5 percent lower.”

The study highlighted the increasing correlation betwixt Bitcoin and US stocks.

“Despite the turbulence, terms enactment successful caller weeks appears to person carved retired a consolidation scope betwixt $78,000 and $88,000. Notably, signs of capitulation are easing, with less reactive sellers contiguous and semipermanent holders opening to accumulate erstwhile more,” it added.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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