Viewpoint: RSI shows BTC is in overbought territory, price may pull back to around $72,000 to seek support

CycleProphet · 2026-03-17T10:52:07+00:00

The cryptocurrency market experienced volatility, with BTC retreating from 76,000 USD to 73,500 USD, representing a 24-hour decline of approximately 1.5%. Technical analysis suggests a potential further pullback to 72,000 USD to seek support. The derivatives market shows a bullish bias, with BTC futures open interest growth and bullish signals appearing in ETH futures as well.

CycleProphet

2026-03-17 10:52:07

Abstract generation in progress

Deep Tide TechFlow News, March 17 — According to CoinDesk, the cryptocurrency market cooled down after a sharp rebound on Monday. BTC briefly reached around $76,000 (the highest since February 4) before falling back below $73,500, down approximately 1.5% in the past 24 hours.

On the technical side, BTC’s Relative Strength Index (RSI) remains in the overbought zone, and the market expects the price to further retrace to around $72,000 for support. If the price stabilizes within the $72,000 to $74,000 range, it could establish a new support level, laying the foundation for a subsequent push above $80,000. Previously, BTC has gained over 15% since March 8, when it was at $65,000.

In the derivatives market, open interest (OI) for BTC futures increased by 2%, reaching a three-week high of 685,200 BTC. The cumulative volume delta (CVD) remains positive, indicating bullish sentiment; ETH futures show similar bullish signals. In the options market, BTC put option premiums are higher than those for ETH, suggesting traders have a relatively stronger bearish outlook on BTC.

BTC0.27%

ETH1.02%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

1 Likes