The Bitcoin price rally has stalled for five days now. After BTC experienced a furious surge from $21,000 to $23,000 last Friday, the price is now in a consolidation phase. The reasons for this are diverse.
As NewsBTC reported, Bitcoin’s Relative Strength Index (RSI) on a daily basis is showing severe overheating. The technical indicator reveals that the BTC price is in heavily oversold conditions.
During the recent upward movement, the daily RSI was near 90 at times but has since cooled to 78 at press time. The stalling of the BTC price at $23,000 could therefore signal a healthy consolidation and a reset before a new price rally could be on the cards.
Another key factor for the Bitcoin price in recent weeks has