Bitcoin (BTC) buyers continued to take profits during Asia hours as short-term overbought signals appeared on the charts. The cryptocurrency is trading around initial support at $47,500 at press time and is down about 3% over the past 24 hours. A lower support zone between $42,000-$45,000 could stabilize the pullback.
The relative strength index (RSI) on the four-hour chart is approaching oversold territory similar to April 18, which preceded a price bounce.
However, the RSI on the daily chart is declining from overbought levels as buyers struggled near the $50,000 resistance level.
Bitcoin’s 30% rally over the past month appears to be exhausted, although support above the $42,000 breakout should hold.