As for the Relative Strength Index (RSI), both bitcoin and the S&P 500 followed a similar path. An additional buy signal was an ascending channel pattern in overbought territory, followed by an oversold double bottom.
Based on this analysis, he noted that #bitcoin is currently in a pullback phase from the 0.786 level. Once this pullback is complete, the S&P 500 fractal indicates that the nearest target for bitcoin is around the Fibonacci extension of 1.382, which would lead to a value of around $BTC It is worth noting that bitcoin is currently holding steady at the $70,000 mark. This stability is due to reduced outflows from most spot ETFs and the expectation that there will be a halving in the future.
At the time of writing, bitcoin is trading at $70,180, up about 9% over the past seven days.
In addition to factors related to the upcoming halving event and #ETF flows, the current bitcoin price remains sensitive to the U. S. Federal Reserve's interest rate decisions.
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