It's often a bullish indicator when the the 50-week moving average crosses above the 100-week, but traders can get trapped on the wrong side of the market.
Bitcoin is oversold and at trend support on intraday charts, but still faces heavy resistance around $58,000.
Bitcoin wiped out more excess bullish leverage with a drop below $54,000 early today, and is now looking north.
Investor flows into cryptocurrency investment funds is on track for a record quarter, according to CoinShares.
The decline in institutional investment may be one reason behind bitcoin's failure to hold above $60,000.
Retail-dominated Bybit is now a bigger bitcoin futures exchange than CME.
"This does not mean the bull run is over, it just means that profit taking is happening," according to market analyst Lark Davis.
"Things are going to get a lot more heated from here," said Richard Byworth.
A listing on Coinbase would unleash dogecoin to a whole new breed of investor.
The top cryptocurrency by market cap rose to $60,065 in a matter of minutes on Saturday morning.
RSI's bearish divergence indicates uptrend fatigue and suggests scope for a bull market correction.
The spike may be being fueled by increased put selling, which is usually done when the market is expected to consolidate, or rally.
Investors are now seeing bitcoin as both an inflation hedge and risk asset.
Some analysts predict this rally could push bitcoin past $60,000 for the first time.
The overall program's size was left intact, along with the March 2022 end date, but the pace of stimulus is now set to increase.