$BTC Price Reversal Confirmed? This 100% Accurate Indicator Says Yes - CoinPedia Analytics

Bitcoin (BTC) has dropped 10% in the past two days but is showing signs of a potential reversal. A crypto expert on X (formerly Twitter) highlighted the Chande Momentum Oscillator (CMO) indicating a possible upside rally. BTC, which hit an all-time high of $73,777 in March 2024, has revisited the lower boundary of its descending channel pattern three times, each time leading to significant rallies. The CMO's recent touch of its rebound zone suggests a similar recovery may occur soon.

Despite being below the 200 Exponential Moving Average (EMA), BTC's technical analysis looks bullish. The Relative Strength Index (RSI) has formed a bullish divergence, signaling a potential price reversal. Historical momentum suggests BTC could rise to $57,500 or even $65,000 in the coming days.

Currently, BTC is trading around $54,480, up 0.8% in the last 24 hours, but trading volume has dropped 25%, reflecting lower trader participation. Open interest has remained steady but is declining since September 3, 2024, indicating waning interest from traders.