Bitcoin trader issues ‘overbought’ warning as BTC price eyes $84K

Bitcoin (BTC) ticked higher at the March 31 Wall Street open as traders stayed risk-averse on the short-term BTC price outlook.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Bitcoin RSI teases bearish continuation

Data from Cointelegraph Markets Pro and TradingView showed local highs of $83,914 on Bitstamp, with BTC/USD up 1.5% on the day.

With hours to go until the quarterly candle close, Bitcoin saw some much-needed relief, even as US stocks opened lower.

Market momentum remained tied to upcoming US trade tariffs set to go live on April 2, with gold also slipping after touching fresh all-time highs of $3,128 per ounce.

XAU/USD 1-hour chart. Source: Cointelegraph/TradingView

Commenting on BTC price action, many market participants nonetheless favored caution.

“Retesting our 84k area of interest,” popular trader Roman wrote in his latest X analysis of the 4-hour BTC/USD chart. 

Roman referenced the relative strength index (RSI) while forecasting a return to levels closer to the $80,000 mark.

“To me, it looks like we should begin to head lower as we have a breakdown and bearish retest on LTF,” he continued. 

“RSI also retesting the 50 area with stoch overbought. HTF still leans bearish as well.”

BTC/USD 4-hour chart with RSI data. Source: Roman/X

Popular trader and analyst Rekt Capital went further on RSI signals, revealing a support retest on daily timeframes after a key breakout from a multimonth downtrend.

“The $BTC RSI is trying to retest its Downtrend as support. Meanwhile BTC's price action is also facing a Downtrend,” he summarized to X followers.

“If the RSI successfully retests its Downtrend... That would display emerging strength & price would be able to break its own Downtrend.”

BTC/USD 1-day chart with RSI data. Source: Rekt Capital/X

Earlier, Cointelegraph reported on various BTC price metrics combining to produce a lackluster picture of the current phase of the bull market, hinting that the correction would continue.

BTC price targets, meanwhile, now extend to $65,000, with prediction platforms seeing even lower.

BTC price analysis draws comparisons to late 2024

Both March and Q1 performance thus left much to be desired.

Related: Worst Q1 for BTC price since 2018: 5 things to know in Bitcoin this week

Amid a broad lack of upside catalysts, BTC/USD traded down 10.8% year-to-date at the time of writing and 1.1% lower for March, per data from monitoring resource CoinGlass.

BTC/USD monthly returns (screenshot). Source: CoinGlass

In its latest analytics report, “Bitfinex Alpha,” released on March 31, crypto exchange Bitfinex acknowledged that 2025 was Bitcoin’s worst first quarter in years.

“Any buying momentum is currently being capped at the $89,000 level—coinciding with the previous range lows seen in December 2024, and acting as a firm resistance level to further gains,” contributors observed. 

“This resistance is also coinciding with further downside in equities, with the S&P 500 closing the week 1.5 percent lower.”

BTC/USD 1-week chart (screenshot). Source: Bitfinex

The report highlighted the growing correlation between Bitcoin and US stocks.

“Despite the turbulence, price action in recent weeks appears to have carved out a consolidation range between $78,000 and $88,000. Notably, signs of capitulation are easing, with fewer reactive sellers present and long-term holders beginning to accumulate once more,” it added.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.