Bitcoin price extended its cautious gains during recent intraday trading, attempting to recover part of its previous losses. However, the short-term corrective bearish trend remains dominant, while negative dynamic pressure continues as the price trades below the EMA50, reducing the chances of a full recovery in the near term.

In addition, relative strength indicators reached heavily overbought levels in an exaggerated manner compared to the price movement, suggesting the beginning of a negative divergence formation, which may increase bearish pressure on the cryptocurrency.