Is Bitcoin Really Bullish?

Growth has slowed down as the price of the king of cryptocurrencies has fluctuated only slightly in the past 24 hours. Does this hint at another price correction?

For the uninitiated, the price of BTC plunged below $61,000 on April 30. However, the king coin managed to return above this level, turning it into support and hinting at further price gains.

Historically, whenever BTC price rebounded after touching the trendline, its price surged significantly.

Furthermore, the relative strength index (RSI) broke out of a descending wedge pattern. This suggests that the RSI will rise, supporting the possibility of a BTC bull run.

AMBCrypto’s observation of Glassnode data revealed another bullish signal. Bitcoin’s reserve risk gained upward momentum within the green zone.

Every time this has happened in the past, Bitcoin’s price has gained bullish momentum.