- Bitcoin’s RSI reveals a possible bullish reversal of about $75,000.
- Following the bullish divergence, the price of Bitcoin may advance by 30%.
- The resistance level for breakout is higher than approximately $100,000.
Bitcoin’s Relative Strength Index (RSI) has been showing signs of a potential bullish divergence, indicating that the coin might be gearing to a sudden upward motion. The RSI currently stands at 44.74, relatively low, which means that Bitcoin might be oversold. Historically, every time the RSI fell to such low levels, it served as a prelude to a price reversal, as evidenced in previous cycles.
Higher-low price formation continues on Bitcoin’s weekly chart, but is offset by weakening momentum shown using its RSI. This divergence may point to the precursor of an upward price movement as the market normalizes and buyers begin stepping in. Bitcon’s RSI recovery could potentially lead to a forceful bullish thrust and steer the price back towards the $100,000 range.
Divergence Suggest Reversal
In the near term, the RSI divergence signs for Bitcoin point to a likely reversal. The previous lower RSI readings in 2020 and 2021 where turning points for price for Bitcoin into an upward trend following which the cryptocurrency commenced its upward rally. If, therefore, the key resistance levels are breached by the price of the bitcoin and at the same time the RSI turns upward, the market would be poised for a significant rally in the following weeks.
Current setup in bitcoin’s weekly chart shows that the cryptocurrency is moving sideways at the moment and soon could break out. Traders are watching the RSI closely to see when the bullish divergence will confirm and tell them that Bitcoin is ready for the next higher move.
What to Expect in the Coming Weeks
Bitcoin’s future will depend on whether the bullish divergence gets confirmed and the cryptocurrency breaks important resistance levels. If the RSI continues towards highs and the price follows, Bitcoin could see a comeback towards old highs in terms of price. For now, it is time to wait in the crypto markets to see if this bullish divergence ends up playing out, giving traders a chance to jump in on the breakout.
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