Bitcoin Surges 20% in Less Than a Week, but May Be Due for Correction

Bitcoin's price has surged over 20% in less than a week, climbing from the low $60,000s to nearly $80,000.

The rally was driven by a massive short squeeze and supportive U.S. Treasury bond buybacks.

The daily Relative Strength Index (RSI) rose above 80, the highest since November 2024, indicating that Bitcoin is overbought and may face a short-term correction.

Key support levels are around $69,000 and $70,000, while resistance lies near $78,000 to $80,000.