Bitcoin Faces Price Pullback as Signs of Longer-Term Bull Exhaustion Emerge

Below $8,000, the focus would shift to the 30-day moving average, currently at $7,643, which has a penchant for reversing price pullbacks.

The outlook as per the daily chart would turn bearish if the price sees a UTC close below the 30-day MA. The long-term outlook will remain bullish as long as the price is trading above May's low of $5,263.

Bitcoin could revisit sub-$8,000 levels in the short-term, as a longer-duration chart is flashing signs of bullish exhaustion for the first time this year.

Prices rose to fresh 12-month highs near $9,100 only to fall back all the way to $8,000 before registering a flat close at $8,735, according to Bitstamp data.

The indecisive price action came after a solid rally.

Prices hit a high and low of $8,746 and $8,336, respectively, earlier today.

The candlestick appeared following a four-week winning streak and with prices at one-year highs.

The pattern failed to yield a correction and prices hit a fresh multi-month high above $5,600 by month end, possibly because the 14-week relative strength index was biased bullish at the time.

On the daily chart, the RSI has produced lower highs, contradicting the higher highs on the price.

The long-term bullish outlook would be invalidated only if the price drops below May's low of $5,263.