Investing.com | Editor Nikhilesh Pawar
Published Nov 13, 2023 18:28
NEW YORK - Bitcoin (BTC), the leading cryptocurrency by market capitalization, is currently experiencing significant price fluctuations, with investors closely monitoring its technical indicators for signs of the next major price movement. According to Jelle, an investor with a focus on cryptocurrency and stocks, Bitcoin's future performance could be influenced by its weekly Relative Strength Index (RSI).
On Today, Jelle shared insights via Twitter that a major BTC bull run could be on the horizon if the RSI crosses above 70. He detailed the stages of RSI that typically precede a bull market: Rally, RSI Reset, and Bull Markets, suggesting that these patterns could sequentially lead to an upward price surge.
During the past week, Bitcoin has seen consolidation with its price oscillating between $36.8K and $37.6K. It touched a high of $37,904 at one point, indicating a potential build-up for a breakout.
Since the start of 2023, BTC has been on an upward trajectory, charting higher lows which points to a possible rebound off a trendline—a bullish signal often associated with continued upward momentum. This theory is further supported by the Bollinger Bands, which recently categorized BTC as overbought.
However, historical data indicates that before any significant rise, Bitcoin's price might first retreat to around $29,000. Should this level be reached and not hold as support, there's a risk of the price falling below the $19k threshold.
Investors and traders are advised to keep an eye on these key technical levels as Bitcoin navigates through these potentially volatile price ranges. The market's response to these technical patterns will play a crucial role in determining BTC's direction in the near term.
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Written By: Investing.com
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