Bitcoin price is down today due to excessively overbought conditions and miners offloading some BTC.
Bitcoin (BTC) price encountered a sell-off on Dec. 11, dropping nearly 7.5% to around $40,640. Multiple factors contributed to the price decline.
Bitcoin’s price decline on Dec. 11 shows a leverage wipeout has occurred amid overbought conditions.
Notably, the cryptocurrency’s daily relative strength index (RSI) has been above 70 since Dec. 5, indicating that it is overvalued. An overbought RSI typically leads to the formation of local market tops as buyers diminish and sellers pile in.
