Bitcoin RSI Approaches Daily Retest That Preceded 2024 Price Rally
Crypto analyst Rekt Capital provided insights on Bitcoin's (BTC) price action, noting that its RSI is behaving similarly to last year before a significant rally.
Bitcoin’s RSI and Future Price Trajectory
- RSI indicates a potential daily retest linked to the 2024 rally.
- The daily RSI confirmed a breakout after retesting a downtrend from November 2024.
- Current RSI at the 40 zone: a drop below may trigger a downtrend, while staying above could lead to new highs.
- Recent price movement: BTC fell from approximately $88,500 to below $84,000.
- Macro factors like Trump’s tariffs and US Federal Reserve policies are affecting bullish momentum.
Potential Local Bottom for BTC
- Analyst Titan of Crypto suggests BTC might form a local bottom at current levels, supported by key technical levels.
- A bullish pennant pattern on the 4-hour chart targets around $91,400 if it breaks upwards.
- Contrarily, trader Peter Brandt predicts a potential drop to $65,635.
- Current BTC price is approximately $83,900, down over 2% in the last 24 hours.
