Are Bitcoin Prices At Risk Of A Pullback After Reaching Their Latest High?

Are Bitcoin Prices At Risk Of A Pullback After Reaching Their Latest High?

Since then, the cryptocurrency has managed to retain almost all of its recent gains, trading north of $66, 000 since attaining its new high, additional CoinDesk figures reveal. Some market analysts have voiced concerns that bitcoin is overbought, pointing to technical indicators like the Relative Strength Index (RSI). The RSI measures the extent to which an asset is either overbought or oversold by evaluating recent changes in price. While a value of 30 or less for this indicator generally points to oversold conditions, a value of 70 or higher suggests an asset is overbought and may be headed for a change in trend. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] CoinDesk reporter Omkar Godbole spoke to this in an article published earlier today, stating that: "There are currently several indicators signaling that BTC is in 'overbought' territory, but these indicators have actually been oversold for the majority of the month of October." He emphasized investor sentiment and market dynamics, offering a bullish take. "We see some potential resistance for Bitcoin around $68, 000, but as long as trader attitude remains