Bitcoin Price Reaches Overbought Levels as Jason60704294 Closes Short Positions

Jason60704294 has closed all of their Bitcoin (BTC) and Ethereum (ETH) short positions at the $80,500 stop-loss level. This move resulted in net red ink that trimmed earlier profits of around $70 million.

The trader had attempted a comeback with three trades, but unfortunately, it did not yield any significant gains. The first short position lost around $6.28 million, while the second one booked a profit of approximately $10.16 million on the confirmed half and roughly $9 million on the remainder.

Currently, the price of BTC is at $80,775.47, which tests the upper Bollinger resistance at $83,336.12. The Relative Strength Index (RSI) is at 76.9, indicating overbought conditions, and the Moving Average Convergence Divergence (MACD) has already printed a death cross.

The next possible move for BTC could be a measured pullback towards the EMA50 support at $73,677.39 before any fresh continuation attempt.