Viewpoint: RSI shows BTC is in overbought territory, price may pull back to around $72,000 to seek support

DeepFlowTech · 2026-03-17T10:52:14+00:00

The cryptocurrency market is experiencing volatility, with BTC pulling back from $76,000 to $73,500, representing a 24-hour decline of approximately 1.5%. Technical analysis suggests a potential further pullback to $72,000 to seek support. The derivatives market shows a bullish bias, with BTC futures open interest growing, and ETH futures also displaying bullish signals.

DeepFlowTech

2026-03-17 10:52:14

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Deep Tide TechFlow News, March 17 — According to CoinDesk, the cryptocurrency market cooled down after a sharp rebound on Monday. BTC briefly reached around $76,000 (the highest since February 4) before falling back below $73,500, down approximately 1.5% in the past 24 hours.

On the technical side, the Relative Strength Index (RSI) for BTC remains in the overbought zone, and the market expects the price to further retrace to around $72,000 for support. If the price stabilizes within the $72,000 to $74,000 range, it could establish a new support level, laying the foundation for a subsequent push above $80,000. Previously, BTC has gained over 15% since March 8, when it was at $65,000.

In the derivatives market, open interest (OI) for BTC futures increased by 2%, reaching a three-week high of 685,200 BTC. The Cumulative Volume Delta (CVD) remains positive, indicating bullish sentiment; ETH futures show similar bullish signals. In the options market, BTC put option premiums are higher than those for ETH, suggesting traders have a relatively stronger bearish outlook on BTC.

BTC0.61%

ETH0.88%

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