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Bitcoin mostly sideways so far today

Yesterday an update here noted how the recent stellar gains in Bitcoin had caused the lead coin to charge into an overbought position from a technical perspective. Well, not long after that update was sent out then BTC started to fall back once more, from highs above 63,500. The fall from those highs saw it drop back to to a low later in the evening at around 60,350. It has rebounded since and lifted back towards 62,500 ahead of the Asian opening. The range seen so far today has been covered by 60,745 to 61,765. Meantime, that noted 14 Day RSI (relative strength index) is not much changed, currently at around 87.50. Hence, the technical position remains in overbought territory. We shall just have to see if that adds any downside pressure as the day unfolds. Leaving that aside, the desire to hold BTC remains strong overall and once again it is all about ETF demand. Bitcoin is currently trading at 61,675
 

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