Bitcoin positioned for the first key RSI breakout in 6 months, at $85,000

BitcoinBTC(circled $85,000 in the 23rd of March weekly close, as excitement grew over an important trend change.

Bitcoin meets a decisive RSI set-up

The Data of Cointelegraph Markets Pro The following are some examples of how to get started: TradingView BTC/USD showed strength on the weekend.

Bitcoin was up 1.5% for the day as it was part of an overall crypto-market rally that also boosted several major altcoins.

“I think this next week will be telling where the market wants to head for the next higher timeframe move,” popular trader Daan Crypto Trades wrote In his most recent X analysis, he notes the position closing of CME Group Bitcoin futures.

As traders looked to the future, the post expressed the sentiment of the market as it anticipated a possible new upward push into the close of the month.

Rekt Capital, a popular trader and analyst, reiterated encouraging breakout signs Bitcoin Timeframes: Daily Bitcoin Transactions relative strength index (RSI).

“The Daily RSI is showcasing early signs of retesting the Downtrend dating back to November 2024 as new support,” He reported.

Matthew Hyland, a colleague analyst, finds that the current levels of prices have a greater significance.

He revealed for the first time since six months that BTC/USD would soon seal a bullish RSI on the weekly timeframes.

“BTC can make weekly bullish divergence for the first time since September tonight,” He confirmed On X.

“Currently in position.”

Bull market returns in “a couple of weeks?”

Stockmoney Lizards trading team, on the other hand, dismissed any notion that Bitcoin might enter a long-term downturn.

Related: Here’s why Bitcoin price can’t go higher than $87.5K

The local bottom, it told X followers in its latest market analysis, lay at $76,000 — a level already revisited Earlier this month,

“While many are panicking and declaring a bear market, the long-term trend channel (green lines) remains firmly intact,” It is a good idea to get a hold of someone else. summarized A chart of BTC prices fluctuating around a bull market average trend line.

“This correction doesn’t invalidate the uptrend – it confirms it.”

Stockmoney Lizards has acknowledged that it may be some time before the trend continues upwards.

“This test doesn’t guarantee an immediate pump, but history indicates we’re approaching a bottoming zone,” It concluded.

“How long does this take? Well, nobody knows. These days, news, macroeconomic signals etc. can determine the duration of our correction. Educated guess: a couple of weeks.”

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.