Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español.
After hitting a low of nearly $76,000 on March 10, Bitcoin (BTC) has finally broken its daily Relative Strength Index (RSI) downtrend, now trading in the high $80,000s at the time of writing. However, crypto analyst Ali Martinez warns that strong resistance may lie ahead. Bitcoin Finally Breaks Daily RSI Downtrend
In a recent X post, crypto analyst Rekt Capital highlighted that BTC has broken through a multi-month RSI downtrend. The analyst shared a Bitcoin daily chart, showing how the leading cryptocurrency’s RSI has broken free from a prolonged downtrend that began at the start of the year. Source: Rekt Capital on X
For the uninitiated, the RSI is a momentum indicator that suggests when the underlying asset – in this case, BTC – may be overbought or oversold. A rising RSI after sustained downtrend can indicate growing bullish momentum and a possible trend reversal. Related Reading Bitcoin Could Hit $112,000, But Only If It Holds Above This Key Level – Analyst Explains 3 days ago
Fellow crypto analyst Merlijn The Trader echoed Rekt Capital’s analysis, stating that the RSI breakout confirms bullish momentum and could pave the way for a significant price rally. Source:Merlijn The Trader on X
Another key indicator turned bullish this week – the Bitcoin Hash Ribbons. In an X post, crypto analyst Robert Mercer noted: One of the most accurate mid-term indicator is bullish now. Expecting BTC to go back above $100,000 in Q2 of 2025! Source: Robert Mercer on X
To explain, the Hash Ribbons indicator turning bullish signals that Bitcoin miners – after a period of capitulation – are returning to the network, suggesting mining recovery and reduced selling pressure. This often marks a strong buy signal, and has historically aligned with the end of bear markets and the start of new uptrends. Analyst Warns Of Stiff Resistance Ahead
Despite BTC’s more than 15% surge from its March 10 low, seasoned analyst Ali Martinez cautions that the top digital asset is likely to encounter strong resistance around the $89,000 level. Martinez explained: Bitcoin $BTC faces a key resistance cluster at $89,000, where the 50-day moving average and the descending trendline from the all-time high converge. Bitcoin faces strong resistance between the $89,000 to $91,000 range | Source: ali_charts on X
That said, several positive macroeconomic factors could supportBTC’s bullish momentum. In a recent analysis, crypto analyst The M2 Guy emphasized that the expanding M2 money supply is likely to benefit risk-on assets like BTC. Related Reading Bitcoin ‘Probably’ Hit Its Bottom At $77,000, Arthur Hayes Says 4 days ago
However, other cryptocurrency analysts – such as Maartunn – arguedthat BTC must decisively clear the $87,000 price level to have a shot at sustained upward price movement. At press time, BTC trades at $87,674, down 0.7% in the past 24 hours. BTC trades at $87,674 on the daily chart | Source: BTCUSDT on TradingView.com Featured image from Unsplash, Charts from X and TradingView.com