Bitcoin Weekly RSI Points To More Upside, But Can the Bulls Defend $107,000?

10 hours ago

Bitcoin’s play illustration shows promising signs of spot arsenic the RSI continues to climb, hinting astatine the imaginable for further upside. However, the conflict isn’t implicit yet. With terms hovering adjacent the captious $107,000 support, bulls indispensable support this level to forestall deeper downside pressure.

RSI And Price Alignment: A Textbook Case Of Momentum Confirmation

In a caller marketplace update, EGRAG CRYPTO questioned whether the bulls and bears are adjacent analyzing the aforesaid chart, arsenic the existent macro play operation of Bitcoin shows nary signs of bearishness. The broader setup remains firmly bullish, suggesting that the ongoing terms movements are portion of a steadfast uptrend.

The analyst emphasized that erstwhile Bitcoin’s terms and the Relative Strength Index (RSI) emergence simultaneously connected the play timeframe, it serves arsenic a confirmation of momentum alternatively than a informing sign. This alignment often signals beardown buying involvement and marketplace conviction, supporting the statement for continued bullish unit successful the adjacent to mid-term.

EGRAG CRYPTO further highlighted that the Exponential Moving Average (EMA) ribbon remains supportive, reinforcing the trend’s strength. In the expert’s view, the existent setup is simply a wide denotation of macro confirmation, not specified market noise. Such alignment betwixt indicators typically precedes important continuation phases, showing that the inclination remains well-structured and sustainable.

However, the adept added a enactment of caution, stating that traders should lone beryllium wary if the RSI climbs into overbought territory supra 70, which could suggest a impermanent cooldown. For now, with RSI hovering astir 50, Bitcoin inactive has plentifulness of country to run. This leaves the marketplace with a beardown method instauration and sizeable imaginable for further upside momentum.

Bitcoin Faces Rejection At $111,000: Bulls Lose Grip On Momentum

According to Crypto VIP Signal’s latest analysis, Bitcoin is presently facing challenges aft failing to prolong its upward momentum supra $111,000. The rejection from this constituent suggests that selling pressure remains strong, keeping bullish momentum temporarily successful check.

Crypto VIP explained that Bitcoin is present retesting the $107,000 support zone, a captious country that could find the adjacent imaginable move. Holding this level is indispensable to forestall a deeper pullback, arsenic it has served arsenic a cardinal instauration during erstwhile consolidation phases.

However, a decisive interruption beneath the $107,000 enactment would apt trigger further selling pressure, perchance extending the ongoing correction. Monitoring this level intimately present appears important, since a bounce from present could reignite bullish sentiment, portion a breakdown mightiness exposure Bitcoin to further downside risks successful the abbreviated term.