Analysts continue to monitor the movements of Bitcoin, as the expert Rekt Capital pointed out that the RSI index of digital currency reflects a pattern similar to what happened before its great rise in 2024, are we facing a new wave of ascension or is there an upcoming correction?
Re -testing the relative strength index may determine the direction of Bitcoin
Rekt Capital revealed in a post on the X platform that the Bitcoin Relative Index is close to a daily re -test similar to what led to a high price in 2024, and according to it, the index succeeded last week in overcoming the downward trend that extended since November 2024, which emphasized the bullish penetration, and now it seems that the indicator is preparing to test this line again.
In November 2024 the Bitcoin price jumped to $ 100,000 after Donald Trump won the US presidential election, which strengthened the momentum of the rising market at the time, and the data indicates that the index is currently testing the level of 40, which is a critical point as its breaking down may lead to further decline, while stability above it can ignite a new rise that pushes bitcoin to new record levels.
Factors may press bitcoin
Despite the upcoming expectations, Bitcoin faces challenges affecting its positive momentum, its value has decreased from its highest weekly level at 88,500 dollars to less than 84,000 dollars on Friday, affected by major economic factors, and these factors include customs duties imposed by Donald Trump and the monetary tightening policies pursued by the American Federal Reserve, which increases pressure on digital currencies.
A report issued by the company QCP Capital indicated that any short -term rises in the price of bitcoin may be limited at the present time, as investors await more clarity on Trump’s escalating commercial policies, and in addition, the inflation data issued on Friday, which showed the high personal consumption expenditures index (PCE) more than expected led to low expectations for bitcoin.
Are the current prices a local bitcoin?
For his part, the analyst Titan of Crypto believes that bitcoin may be in the process of forming a local bottom at its current levels, where the digital currency is still above a strong set of support levels including the tingan monthly line and the middle line in the monthly value gap, and according to it, the previous times that Bitcoin withstood over these levels witnessed a strong price apostasy.
In a previous analysis, Titan of Crypto indicated that Bitcoin may rise to $ 91,000 soon, explaining that the upscale triangle model may be formed on the graph for 4 hours, and if this model succeeds in hacking up, bitcoin may reach 91,400 dollars, and on the other hand, the veteran trader PEER BRANDT adopts a more pessimistic look, as the bitcoin is expected to land to a level $ 65,635, and bitcoin is currently trading at about 83,900 dollars, a decrease of more than 2 % over the past 24 hours, according to CoinmarketCap data.
