Bitcoin price hits $72K, but charts warn of pullback

Bitcoin price extended its breakout to $72,490 on Aug. 20 after forced short covering pushed the price through its 200-day moving averages, but an overbought daily reading raises the risk of a pullback. Summary Bitcoin price climbed to an intraday high of $72,490 after breaking above $67,000. The price reclaimed its 200-day simple and exponential moving averages near $69,000. Daily RSI reached 78.7, placing Bitcoin firmly in overbought territory. Liquidation data show the rally cleared several large short-position clusters above $66,000. Bitcoin price breaks above its 200-day averages According to data from crypto.news, Bitcoin (BTC) price traded near $71,900 on Binance at the time of writing, up about 3.8% on the daily chart after reaching $72,490 earlier in the session. The move extended a breakout that began when BTC cleared the $64,000–$66,000 range that had contained the price through much of July and the first half of August. Bitcoin rose from below $65,000 to nearly $70,000 during the first stage of the rally before buyers pushed it above $72,000. The daily chart shows that Bitcoin has now crossed its 200-day simple moving average at approximately $69,010 and its 200-day exp...