Bitcoin (BTC) circled 85,000 US dollars to the weekly conclusion on March 23, when the excitement was brewed over an important trend change.
BTC/USD 1-hour diagram. Source: CoinTelegraph/Tradingview
Bitcoin Price hits RSI setup decisively
Data from CoinTelegraph Markets Pro and TradingView showed that BTC/USD found strength in weekend trade.
On this day by 1.5%, Bitcoin was higher in the context of a broad crypto market chatter, which also increased various important old coins.
“I think this next week will say where the market would like to take the next step with a higher time frame,” wrote the popular Trader Daan Crypto Trades in part of his latest X analysis and stated the closure of the Bitcoin futures of the CME Group.
BTC/USD 15-minute diagram. Source: Daan Crypto Trades/X
The post repeated the wider market mood when the dealers had taken the potential for a fresh thrust into the monthly conclusion.
The popular dealer and analyst Rekt Capital repeated encouraging breakout signs for daily time frames for the relative strength index (RSI) from Bitcoin.
“The Daily RSI shows early signs that the downward trends from November 2024 will be tested as a new support,” he reported.
BTC/USD 1-day diagram with RSI data. Source: Rekt Capital/X
For the other analyst Matthew Hyland, however, the current price levels had a deeper meaning.
For the first time in six months, he announced the day when BTC/USD wanted to seal an important Bullish RSI divergence into weekly time frames.
“BTC can do a weekly Bullische Divergence for the first time since September this evening,” he confirmed to X.
“Currently in position.”
BTC/USD 1-week diagram with RSI data. Source: Matthew Hyland/X
Bull market to return in “a few weeks”?
Elsewhere, the Stockmoney Lizards trading team shook the idea that Bitcoin risked to enter a long -term bear market.
Related: Here is the reason why Bitcoin price cannot go higher than 87.5,000 US dollars
The local soil, the X -followers in its latest market analysis with 76,000 US dollars -told -a level that was revised at the beginning of this month.
“While many are panicked and declare a bear market, the long-term trend channel (Green Lines) remains intact,” he is summarized in addition to a diagram that shows BTC price fluctuations by an average trend line during the bull markets.
“This correction does not invalidate the upward trend – it confirms it.”
BTC/USD 1-week diagram. Source: stockmoney lizards/x
Stockmoney Lizards admitted that the continuation of the upward trend can take some time.
“This test does not guarantee an immediate pump, but the story shows that we are approaching a bottom zone,” he concluded.
“How long does it take? Well, nobody knows. Nowadays, messages, macroeconomic signals etc. can determine the duration of our correction. A formed assumption: a few weeks.”
This article does not contain investment advice or recommendations. Every investment and trade movement is the risk, and readers should carry out their own research results if they make a decision.
