Bitcoin Hits Resistance Between $79K and $84K: Trader Sees Retracement Ahead

Bitcoin is facing significant resistance between $79,000 and $84,000 according to trader Omkar Godbole. The current price of BTC is at $77,220.32, testing the upper resistance level at $80,123.65.

The Relative Strength Index (RSI) 14-day reading is at 70.51, indicating overbought conditions. Meanwhile, the Moving Average Convergence Divergence (MACD) has registered a bearish death cross at 2,302.37.

This setup suggests that BTC may retrace toward the EMA50 support level at $71,200.92 before any potential push higher. The EMA200, currently at $66,413.92, serves as an even deeper floor for price action.