Bitcoin Faces Key Test at $107,000 Amid RSI Momentum Signal
Bitcoin's weekly chart shows potential strength as the RSI rises, indicating possible further upside. However, Bitcoin is near the critical $107,000 support level, which bulls must defend to avoid more downside pressure.
RSI and Price Alignment
- EGRAG CRYPTO notes that the current macro structure appears bullish, with no signs of bearishness.
- Simultaneous rise in Bitcoin price and RSI on the weekly timeframe confirms momentum, signaling buying interest and market conviction.
- The Exponential Moving Average (EMA) ribbon supports the trend’s strength, indicating macro confirmation rather than market noise.
- Traders should be cautious if RSI exceeds 70 (overbought), but currently, with RSI around 50, potential for more upside remains.
Bitcoin Faces Rejection at $111,000
- Crypto VIP Signal reports Bitcoin failed to maintain momentum above $111,000, facing strong selling pressure.
- Bitcoin retests $107,000 support; holding this level is crucial to prevent a deeper pullback.
- A break below $107,000 could trigger more selling pressure, while bouncing back might revive bullish sentiment.
