Bitcoin traders issue “overbuy” warnings like BTC Price Eyes $84K

Bitcoin (BTC) was chopped high at the Wall Street Open on March 31 as traders maintained risk aversion with their short-term BTC price outlook.

Bitcoin RSI teases bearish continuation

Cointelegraph Markets Pro and TradingView data showed a local high of $83,914 on BitStamp, with BTC/USD increasing by 1.5%.

With time before the quarterly candles closed, Bitcoin saw much needed relief, even if US stocks were opened lower.

Market momentum remains tied to US trade tariffs scheduled to be released on April 2, with gold still slipping after touching on a fresh, high of $3,128 per ounce.

Commenting on BTC price action, many market participants were still paying attention.

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

Roman predicted a return to a level close to $80,000, referring to the relative strength index (RSI).

“I think we should start moving downwards as we have a breakdown and a bearish retest in LTF,” he continued.

“RSI is retesting 50 areas with Stoch overbuilt. HTF is still bearish.”

Popular trader and analyst Rekt Capital has taken the RSI signal further and revealed support retests in daily time frames after key breakouts from heavy downtrends.

“$BTC RSI is about to retest the downtrend as support, while BTC price action is also facing caves,” he summed up to X-followers.

“If RSI successfully retests the downtrend… it will show new strengths and prices.

Previously, Cointelegraph reported on various BTC price indicators that suggest that modifications will continue, combined to produce an inactive picture of the current stage of the bull market.

Meanwhile, BTC's price target has now been expanded to $65,000, making its forecast platform even lower.

BTC price analysis compares it to the second half of 2024

So, both March and the first quarter performances wanted a lot.

Related: Worst Q1 of BTC Prices since 2018: 5 Things You Need to Know About This Week's Bitcoin

Amid a widespread lack of upward catalysts, BTC/USD was traded per resource Coinglass monitoring data, down 10.8% since the start of the year and 1.1% at the time of writing.

In its latest analytics report “Bitfinex Alpha,” released on March 31, Crypto Exchange Bitfinex admitted that 2025 was Bitcoin's worst first quarter.

“The purchase momentum is now closing at the $89,000 level, consistent with the previous low range seen in December 2024 and serves as a solid level of resistance to further profits,” the contributor observed.

“This resistance is also in line with the further downside of the stock, with the S&P 500 closing its week 1.5% lower.”

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

“Despite the turbulence, price action over the last few weeks appears to be carving out the consolidation range of $78,000 to $88,000. In particular, signs of surrender have been eased, fewer reaction sellers and are beginning to accumulate again,” he added.

This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.