Bitcoin is currently being traded at a price of $63,315, which reflects a growth of over 1% for the day as of July 2, 2024. However, the cryptocurrency is encountering resistance around the $63,555 mark, as demonstrated by the presence of a Doji candlestick pattern on the 4-hour chart.
This particular pattern, in conjunction with an overbought Relative Strength Index (RSI) reading of 75, implies the possibility of a bearish reversal. Despite these immediate indications of a potential downturn, the 50-day Exponential Moving Average (EMA) continues to exhibit an upward trajectory at a price of $61,680. This signifies an underlying bullish momentum within the market.
