Bitcoin Price Bounces Below $23k, Bullish Momentum Slows as Market is Overbought

• Bitcoin (BTC) price is currently bouncing below the $23,000 resistance level
• Bullish momentum of Bitcoin has slowed as the market is overbought
• Bitcoin may experience a decline to the low above the $21,000 support

Bitcoin (BTC) is currently trading at $22,732.00, and the market cap is at $438,151,879,821. After experiencing a meteoric rise over the past few weeks, the bullish momentum of Bitcoin has slowed, as the market has reached its overbought region.

Over the last 48 hours, the BTC price has been swaying below the $23,000 resistance level. While the price was able to break the resistance level briefly, the bullish momentum has since slowed. This is due to the fact that the price of Bitcoin is currently at level 84 of the daily Stochastic, indicating that the market is heavily overbought.

Given that further upward movement is unlikely, analysts predict that the Bitcoin price will retrace to the prior low above the $21,000 support to start an uptrend. If the price is able to break past the $21,000 support level, it would signal a period of consolidation.

In terms of the overall market conditions, Bitcoin has been making a string of higher highs and higher lows. This indicates that the market sentiment is still positive and the bulls are likely to remain in control for the short-term.

In the event that the price of Bitcoin resumes its uptrend, buyers are likely to pick up speed and start climbing towards the $25,212 high. This would signal that the bullish momentum is still strong and the price is likely to continue its upward trajectory.

Overall, Bitcoin is currently trading in a narrow range and is bouncing below the $23,000 resistance level. While the bullish momentum has slowed, the market sentiment is still positive and the price is likely to experience a retracement to the $21,000 support level. If the price is able to break past the $21,000 support level, it would signal a period of consolidation. In the event that the price resumes its uptrend, buyers are likely to pick up speed and start climbing towards the $25,212 high.