GBTC Hits 6-Year High Before Bearish Reversal Calls Rally Into Question

Grayscale Bitcoin Trust ETF (GBTC) saw a historic spike to new highs followed by a bearish chart pattern the next day after reaching its most overbought level in over 6 years
The ETF's RSI reading hit 87.12 on Monday, the highest since December 2017 right before it plummeted nearly 90% over the next year
However, past instances of extreme overbought levels have not necessarily led to selloffs - GBTC soared over 1,500% in 2017 despite multiple 90+ RSI readings
Tuesday saw a "bearish engulfing" reversal pattern, suggesting buying climax and successful bear counterattack
Support levels to watch include recent upside gaps in the charts around $51-$52 and congestion zones between $47-$49; a 20% drop from recent peak would mark a bear market