BTC nears key resistance level, as markets react to Chinese GDP figures.
Following a low of $1,529.57 to start the week,Prices have since slipped, and as of writing, the world’s second largest cryptocurrency is trading at $1,569.75.Overall, with prices significantly overbought, and with bullish momentum seemingly at its peak, many expect a reversal could be on its way.
Currently the RSI of 14 days is tracking at 83.84, which is its highest level since August 2020, when price was trading below $1,200. Although there are still long-term bulls, it is likely that ethereum could move into consolidation up until price strength is in more neutral territory.Tags in this story
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