For Bitcoin, an important development was the recent climb of the RSI above the key 50 mark on the 4-hour chart. Historically, a breakout at this midpoint after a bounce from oversold territory has often been preceded by significant upward movements. Data shows that in similar situations, Bitcoin increased on average by more than 20% in the following weeks.
In addition to the RSI, Bitcoin price bounced off the 200-period exponential moving average (EMA) on the 4-hour timeframe, perfectly aligned with the $60,000 support level, which adds to the confluence. This widely followed moving average has served as reliable support during previous Bitcoin price uptrends.
Personal opinions are not investment advice.
