Bitcoin Bull Market Faces Early End Warning Amid Continued Bullish Flows
Key Insights on Bitcoin Market Trends
- A bearish divergence in the 14-month Relative Strength Index (RSI) signals a potential end to the current bitcoin bull market.
- Despite BTC reaching new highs in July-August, the RSI has shown a decline, indicating weakening momentum.
- This divergence aligns with resistance at a critical trendline from prior bull market peaks in December 2017 and November 2021.
- Traders are still positioned for price gains, with significant call option activity suggesting expectations of BTC rising to $160K by year-end.
- Currently, BTC is priced around $110,500, reflecting a 4.6% loss for the month.
- Market sentiment continues to anticipate a rally, with projections suggesting prices could reach $190,000.
