Bitcoin Hits $85K Resistance Zone Amid Overbought Conditions
Bitcoin's recent rally has hit a significant resistance zone at $85,000. The cryptocurrency currently trades at $85,796.16 with a bullish EMA structure in place.
The 50-EMA is anchored at $79,848.18 and the 200-EMA at $75,845.29, while the MACD golden cross adds momentum to the rally.
However, the RSI(14) indicator is overbought at 84.08, indicating a probable retracement towards the 50-EMA support before the next leg higher.