Crypto
Bitcoin's RSI Surges Above 80 Amid Massive Short Squeeze
Bitcoin's Relative Strength Index (RSI) has surged to levels not seen since November 2024, reaching above 80. This sudden increase was driven by a massive short squeeze that liquidated over $3 billion in short positions within 24 hours.
The rapid price spike pushed Bitcoin's price from its consolidation range of $62K-$71K to nearly $80K before settling around $77K.
Historical trends suggest that such overbought conditions during strong bullish phases often lead to further gains rather than immediate reversals. However, investors should watch if Bitcoin can maintain the $77K level or fall back toward $71K.