Source: Cointelegraph Original: "{title}"
Bitcoin (BTC) is seeking a breakout as a key leading indicator reaches its highest level since January.
Data from Cointelegraph Markets Pro and TradingView shows that the Relative Strength Index (RSI) suggests that BTC prices may rise further.
Bitcoin bull markets traditionally begin with clear RSI signals, and the current conditions within the daily timeframe exhibit typical characteristics of a BTC price rebound.
As BTC/USD set lower lows over the past month, the RSI began to move in the opposite direction, establishing higher lows and attempting to form a bullish divergence.
Recently, the daily RSI broke above the midpoint of 50, successfully retesting it from above as support and setting a new multi-month high.
BTC/USD daily chart with RSI data. Source: Cointelegraph/TradingView
Notable trader and analyst Rekt Capital is paying attention to this topic.
"Bitcoin has successfully retested the red support level, and the daily RSI higher lows continue to hold," he commented in a weekend post on X, accompanied by a chart.
"More and more mature signs of bullish divergence are appearing here, with prices just below the key price downtrend line (blue)."
BTC/USD daily chart with RSI data. Source: Rekt Capital/X
Rekt Capital also noted that the RSI trend indicates a long-term BTC price bottom around $70,000.
Meanwhile, another analyst, Kevin Svenson, also identified similar bullish signals on the weekly RSI this week.
"Once confirmed, the weekly RSI breakout signal has proven to be one of the most reliable macro breakout indicators," he told followers on the X platform.
"There are 6 days left until full confirmation."
BTC/USD weekly chart with RSI data. Source: Kevin Svenson/X
As reported by Cointelegraph, another key breakout currently being watched by Bitcoin market participants involves a downtrend line since the historical high set in January.
In contrast to the bullish expectations, an analysis highlights the unsettling macroeconomic environment Bitcoin currently finds itself in.
The ongoing U.S. trade war and risk asset sell-off make it less likely for funds to flow into BTC. While gold continues to hit new highs, Bitcoin remains closely correlated with stock market movements.
Network economist Timothy Peterson believes there is little reason to celebrate in his latest April forecast.
He uploaded a chart of the median annual price path for BTC/USD, concluding that this year's performance is significantly underwhelming.
He wrote in his comments: "Half the days are above the blue line, and half are below the blue line. April of this year clearly belongs to the 'below' months."
"Given the interest rate levels in the market and economy, along with other risk factors, this is almost certainly not going to change."
BTC price seasonality. Source: Timothy Peterson/X
Other viewpoints also suggest that April will be lackluster before any bullish potential factors influence Bitcoin, including record global M2 money supply and a weakening U.S. dollar index (DXY).
This article does not constitute investment advice or recommendations. Every investment and trade involves risks, and readers should conduct their own research before making decisions.
Related: U.S. tariff exemption expectations ease pressure on U.S. bond yields, Bitcoin traders bet on breaking $90,000
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