Bitcoin Price Turns Bullish Above $114,000 With Hidden Divergence Forming

Bitcoin has risen above $115,000 after trading below this level for two weeks, now maintaining a position above $114,000. This indicates renewed bullish momentum.

A hidden bullish divergence is forming, suggesting potential for Bitcoin to reach new highs.
The weekly chart shows a higher price low compared to June, signaling bullish continuation.
The Relative Strength Index (RSI) posted a lower low, creating a hidden bullish divergence pattern.
If confirmed, this pattern could support Bitcoin in reaching new highs again.
Bitcoin currently trades 5.7% below its all-time high of $124,128.

Stochastic RSI Indicator

The stochastic RSI indicator has flipped bullish on the weekly timeframe.
Confirmation depends on upcoming session closes; a similar past event led to seven consecutive weeks of bullish prices.

Upcoming macroeconomic events, such as the Federal Open Market Committee (FOMC) meeting, could introduce volatility. An expected interest rate cut may influence investor sentiment towards Bitcoin and other large-cap cryptocurrencies.

Bitcoin is trading at $117,040, up 9% from its September open.