Bitcoin Coinbase Premium weakens but RSI mirrors April bottom zone

Bitcoin (BTC) extended its decline, dropping to $103,500, which caused the Bitcoin Coinbase Premium Index to flip red hourly for the first time in weeks, indicating strain on long-term US buying support, although the daily reading remains slightly positive. Bearish pressure increased as taker sell volume surged over $4 billion, coinciding with BTC's rejection near the short-term holder realized price of $112,370, which now acts as resistance; sustained rejection below this level risks accelerating capitulation toward $100,000. Technically, BTC's price action mirrors the March-April bottom range, and the Relative Strength Index (RSI) hit 34, matching April's low, which preceded a recovery. A critical level to watch is the 200-day Exponential Moving Average (EMA), which BTC has held for six months; if this support is lost, a consolidation phase mirroring the Q1 timeline could see a gradual recovery only materialize in late November or early December.

(Source：Cointelegraph)