$BTC "The fun won't start until we have some daily closes above the previous range minimum at around $90,000. It's important to hold below ~$85,000, I would say."

1-day chart of the BTC/USD pair. Source: Daan Crypto Trades/X

The 200-day SMA traditionally forms support during Bitcoin bull markets, but it was lost in March when cryptocurrencies faced selling pressure as the US trade war began.

Since then, the BTC/USD pair has seen five-month lows below $75,000, and despite a healthy bounce, some market participants are willing to call the last price rally over.

Among them is trader Roman, who referred to the values of the stochastic relative strength index (RSI) in "overbought" territory.

"As we approach horizontal resistance, I wanted to show that the last 4 times the stochastic RSI has been in overbought, we've seen a correction of 10-15%," he noted, adding that such a move "would make a lot of sense" given the bearish momentum in the S&P 500.

The daily stochastic RSI was at the top of its 0-100 scale on April 22.