Bitcoin's Momentum Hits Seven-Year High as Price Plunges to $77,260

Bitcoin's momentum has reached an extreme level, according to technical indicators. The cryptocurrency traded near $77,260 on Saturday after briefly reaching $79,500 and then dropping to around $76,300 in a sudden weekend reversal.

The four-hour relative strength index (RSI) had hit its highest reading in more than seven years, signaling strong momentum but also possible short-term exhaustion. The RSI measures momentum on a scale from zero to 100, with readings above 70 generally considered overbought. In this case, the indicator moved into the 80-90 range.

Traders are watching support levels around $75,000-$76,000, with upside scenarios near $83,000-$88,000 and deeper correction targets around $70,000-$72,000.