Overbought Or Ready To Rip? Bitcoin Daily RSI Reaches Explosive Levels

Overbought Or Ready To Rip? Bitcoin Daily RSI Reaches Explosive Levels


Bitcoin price is showing signs of getting overheated on daily timeframes using the Relative Strength Index (RSI). The tool, typically used to spot overbought conditions, is at one of its highest levels ever historically.

However, an elevated RSI reading in BTCUSD is deceiving, leading to some of the most dramatic moves ever on the cryptocurrency’s price chart. Here is a closer look at what happens when Bitcoin price action gets this hot.

Bitcoin RSI Reaches Highest Level Since Early 2021

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After breaching above $20,000, onlookers are wondering if a possible bottom is in for Bitcoin, but remain skeptical after such a long, arduous downtrend.

Bears have good reason to expect a pullback: Bitcoin has become extremely overbought according to the Relative Strength Index. In fact,

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