Bitcoin (BTCUSD) experienced a pullback in its recent intraday trading as it attempts to ease its clearly overbought status, indicated by the Relative Strength Index (RSI). Emerging negative signals on the RSI suggest a potential short-term weakening of bullish momentum.
Despite this corrective move, the overall short-term outlook remains bullish. Bitcoin continues to find support near its 50-day Exponential Moving Average (EMA50), which aligns with an upward bias line. This support structure provides a foundation for Bitcoin to regain positive momentum and potentially resume its upward trajectory.
Traders should monitor the price action around the EMA50 and bullish trendline to gauge the strength of the next move.
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