BTC is now at the most overbought level since April 14, when it reached an all-time high around $64,800.
BTC is attempting to break above a series of lower price highs from April 14, which could stabilize the short-term downtrend.
The daily RSI is approaching oversold territory, which could attract short-term buyers.
BTC has remained in a consolidation phase since February.
Bitcoin buyers are losing strength as the recovery from the April 17 sell-off stalls.
For now, the high-volume sell-off on April 17 suggests capitulation as buyers were quick to defend the price low just above $51,000.
BTC’s April 13 breakout above $60,000 and subsequent all-time high failed.
"The loss of bullish momentum is only short term in nature," one chart analyst said.
BTC is roughly 7% lower from its all-time high, similar to the April 1 pullback.
BTC buyers take profit, but selling should be limited around $61K support.
BTC buyers have taken some profit, but support is nearby around $62K.
Bitcoin made a fresh all-time high after breaking above $60K and ending three months of consolidation. Next resistance around $68K-$70K.
Bitcoin struggled near $60K again; support is nearby around $58K as buyers take some profit.
XRP has rallied by over 50% so far this week, for a market value of $37 billion.
BTC is attempting to break above a series of lower price highs since April 1, which suggests buyers are gaining strength as sellers retreat.