Bitcoin Steady, But Momentum Fades

Bitcoin is trading at $120,150 at the moment; the price has increased by 1.28% in the last 24 hours. The asset has been able to maintain a level near new highs after a wild bullish ride at the beginning of the month. Nevertheless, the difference in the directions of the flows implies that the market power underneath could be failing.

The technical indicators are still bullish, although they show some instances of early exhaustion. The Relative Strength Index (RSI) is 71.82 putting the BTC in the overbought territory. A level like this implies that there will be buyer interest, though it also indicates that a correction or cooling phase may emerge in the near term.