- Bitcoin’s price indicators show it may have reached a short-term peak near $119,500, suggesting a possible pullback.
- Traders anticipate a support level retest as part of a recent 10% price rally.
- Exchange-traded fund (ETF) inflows reached $1.6 billion in the past three days.
- BlackRock’s iShares Bitcoin Trust (IBIT) moved into the top 20 U.S. ETFs by asset value.
- Overbought signals on popular price metrics point to a pause before Bitcoin continues its upward trend.
Bitcoin saw a significant rally over the past week, with its price approaching $119,500 on Thursday, according to Cointelegraph Markets Pro data. Technical indicators now signal that the cryptocurrency may be due for a short-term price dip and a retest of support levels before moving higher.
The relative strength index (RSI), a tool used to measure if an asset is overbought or oversold, reached nearly 90 out of 100 on the four-hour chart. Levels this high often suggest a possible reversal as Bitcoin’s latest rebound approached a 10% gain within the week. Trader Roman stated in an X post, “Everything is overbought but no signs of initial weakness. Simple breakout & retest.”
On the longer daily and weekly charts, the RSI has stayed “overbought” during previous final stages of bullish markets. Roman added, “Volume, rsi, & macd look good for continuation to 124k over next few days.”
On the investment side, U.S. spot Bitcoin ETFs saw net inflows of more than $1.6 billion this week, based on data from Farside Investors. The iShares Bitcoin Trust (IBIT) alone added $600 million. IBIT also entered the top 20 U.S. ETFs ranked by assets, according to Eric Balchunas of Bloomberg Intelligence. He noted on X that if growth continues, IBIT could move even higher in the rankings over the coming years.
These developments suggest continued institutional interest in Bitcoin, though technical signals point to a possible short-term pause or correction. Investors are advised to monitor market conditions and conduct their own research before making trading decisions.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Elon Musk Becomes First Person With $500 Billion Net Worth
- Abu Dhabi’s MGX, T. Rowe Price Buy Shares in OpenAI $6.6B Sale
- Crypto Rallies as U.S. Shutdown Looms, Japan Yields Spike
- Morgan Stanley Stock Soars 25% in 2025: Buy, Sell, or Hold?
- Zcash Surges After ThorSwap Support Despite UAE Exchange Delistings
