With its recent all-time high of almost $112,000, Bitcoin has sent the market into a state of euphoria. The top cryptocurrency, however, is now displaying signs of exhaustion at the same rate that it rose, with a possible reversal emerging on the daily chart. Long upper wicks on the most recent candlesticks indicate rejection from higher levels.
Already the price has fallen below $110,000, and the volume is beginning to decrease. There may be an impending deeper correction as the Relative Strength Index (RSI) is trending lower from overbought levels above 70. Bitcoin might return to the $102,000 breakout point if it loses $107,000-$108,000. If that support were broken, the bearish momentum would probably get stronger. The technical risk is compounded by a major macroeconomic…
