Bitcoin Price Surges to Eight-Month High Above $85K
Bitcoin's price continues to surge, reaching an eight-month high of $85,248 on Monday. This marks the highest level since January 29 and has caused a spike in crypto short liquidations, with over $600 million in cross-crypto 24-hour totals according to CoinGlass.
The latest move higher has put pressure on investors who had been positioning for a reversal at the previous local high of $82,950 from May. Rekt Capital warned that a bearish divergence was playing out on the relative strength index (RSI) indicator on daily time frames, where lower highs for the indicator came with higher highs for price.
Despite this, the RSI is approaching 'overbought' territory at 70 at the time of writing. Bitcoin has reclaimed its 50-week exponential moving average (EMA) at $77,769, previously marked as a key prerequisite for upside continuation.