Bitcoin Nears All-Time Excessive as Lengthy-Time period Promoting Cools — Provide Squeeze Forward?…

The flag’s peak, measured from the late-July swing low (~$106,000) to the document excessive close to $123,220, suggests a technical upside goal round $135,000. The breakout is supported by rising buying and selling volumes and an RSI at 65, indicating robust however not but overbought situations.

A every day shut above $123,220 would verify the sample’s continuation potential, whereas failure to carry above $119,000 may invalidate the breakout and return BTC to its consolidation vary.

What Would Change This View?

At 64.79, Bitcoin’s every day relative energy index (RSI) is nearing its overbought threshold of 70, a transfer that sometimes precedes durations of correction or consolidation within the crypto market.

In the meantime, there exists a bearish divergence between Bitcoin’s value and RSI indicator, with the previous making larger highs and the latter making decrease highs. It means that the upside momentum has been weakening.