Bitcoin has reached a historic overbought level, with its Relative Strength Index (RSI) exceeding 80 and peaking between 84 and 86. A violent short squeeze liquidated over $3 billion in short positions in just 24 hours, propelling the price toward $80,000. Bitcoin broke out of its consolidation zone between $62,000 and $71,000, rising 8% to 12% in one to two days. The Crypto Fear & Greed Index moved from 34 to greed territory between 62 and 72. The key level to watch is whether Bitcoin can hold above $77,000.
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