Bitcoin Breaks Daily RSI Downtrend, Trading in High $80,000s
Bitcoin (BTC) has broken its daily Relative Strength Index (RSI) downtrend, trading in the high $80,000s after a low of nearly $76,000 on March 10. Analysts note potential resistance ahead.
Key Developments
- BTC has surpassed a multi-month RSI downtrend, as reported by crypto analyst Rekt Capital.
- The RSI's upward movement indicates possible bullish momentum and a trend reversal.
- Analyst Merlijn The Trader supports this view, suggesting a significant price rally could follow.
- The Bitcoin Hash Ribbons indicator has turned bullish, signaling mining recovery and reduced selling pressure.
- Robert Mercer predicts BTC may exceed $100,000 by Q2 2025 based on this indicator.
Resistance Levels
- Despite over a 15% surge since March 10, analyst Ali Martinez warns of strong resistance around $89,000.
- This resistance coincides with the 50-day moving average and a descending trendline from BTC's all-time high.
- Analyst Maartunn emphasizes BTC must clear the $87,000 level for sustained upward movement.
- At press time, BTC is trading at $87,674, down 0.7% in the last 24 hours.
