Bitcoin is knocking at the resistance level of $36,600 again, even once testing the $38,000 digit before.
Bitcoin price today is $36,569.46 USD with a 24-hour trading volume of $30,903,743,306 USD. Bitcoin is up 6.81% in the last 24 hours, with a market cap of $692,610,853,938 USD. It has a circulating supply of 18,939,600 BTC coins.
Whenever a strong bullish rally enters RSI (6) enters into the overbought situation (i.e., 83) as is evident on the hourly chart above. Bitcoin was headed towards $30,000 and it was too obvious so traders opened the short positions there. I think these green spikes are just fake-outs to knock those loose positions out of their trades. Bitcoin can not rise at 80 degrees making higher lows as RSI won’t support it. However, a gradual rise might face resistance at $40,000, and our target of $30,000 remains open.