At the time of writing, Bitcoin is heading in at nearly $ 87,000. This seems to be the largest currency in the market to recover carefully from the serious corrections we have seen in recent weeks. At the same time, there is now a strong technical setup, which, according to the popular Matthew Hyland, appears on the maps for the first time in six months.
Important week for Bitcoin
According to the Dutch analyst Daan Crypto Trades, there is an important weather on the program. “I think this week will be decisive about the direction of the market in the coming period,” said the popular analyst.
His fellow analyst also stretches Capital also sees encouraging signals for Bitcoin on the daily graph in the form of the Relative strand index (DSI). “The daily RSI shows early signal from a retest of the downward trend, which dates from November 2024,” says Capital.
Matthew Hyland is also starting to become very positive about the Bitcoin course. “Bitcoin can create a bullish divergence in the weekly graph for the first time since September,” he wrote on X. “I am in position,” he added.
Does the Bitcoin bull market return?
Elsewhere, the StockMoney Lizards team does not want to believe that Bitcoin runs the risk in a long bear market. “While many people panic and explain that we are in a bear market, the long-term trend channel (green lines) still remains intact,” said the analysts of StockMoney Lizards.
According to them, this correction does not invalidate the upward trend, but it is a confirmation of it.
“This test does not guarantee an immediate rise, but history suggests that we are moving towards a bottom. How long that will take? Nobody knows. This days, the news, and the macro-economic signals can determine the duration of the correction. We are guessing that it will take a few weeks,” said StockMoney Lizards.
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Source: https://newsbit.nl/bitcoin-in-positie-voor-eerste-rsi-uitbraak-in-6-maanden/
