Bitcoin Slumps to $76,300 as Seven-Year RSI Extreme Sparks Correction Fears
Bitcoin's recent surge came to an abrupt end on Saturday as it plummeted from nearly $79,500 to around $76,300 in a sudden weekend reversal.
The cryptocurrency had gained more than 22% in the previous week, leaving momentum indicators at unusually stretched levels. The four-hour relative strength index (RSI) reached its highest reading in over seven years, signaling strong momentum and possible short-term exhaustion.
Analysts are watching support levels around $75,000 to $76,000, with upside scenarios near $83,000 to $88,000 and deeper correction targets around $70,000 to $72,000.
Krown warned that the extreme RSI reading is unfavorable in the short term but constructive for the longer-term trend. Ted focused on weekly structure, saying '$BTC is holding above its weekly bull market support band. A weekly close above this zone is needed for more upside in Bitcoin.'