Bitcoin Weekly RSI hit the Bull Market Low when the Trader watched the $ 70K BTC price floor.
BTC (BITCOIN) has a new $ 70,000 reversal goal because its main indicators set the lowest point in the new bull market.
Rekt Capital, a popular merchant and analyst in X analysis on April 7, predicts that BTC/USD will be able to find the bottom near the oldest highest level from 2021.
According to history, $ 70,000 must end the BTC Price DIP.
REKT CAPITAL says Bitcoin can give $ 70,000 low before recovering and still maintain historical norms, REKT CAPITAL says.
Considering the current bull market correction, the analyst used the relative robbery index (RSI) indicator to calculate the potential BTC price.
“It is not necessarily necessary to display the price floor every time Bitcoin’s daily RSI falls to the Sub -28 RSI level.
“Bitcoin is now forming a second -2.79%lower than the first low. You can see the price of -$ 70000 for -8.44%more than the first low.”
BTC/USD 1 day chart with RSI data. Source: Rekt Capital/X
RSI is a typical example of major indicators that often print printing signals in major BTC prices. Regardless of the period used, the level of 30, 50 and 70 RSI is especially important. The score of less than 30 shows the “excess” condition, and 70 is the lines of sand for “Over00”.
Currently, the daily RSI has measured about 38 people and was rejected at age 50. In the weekly chart, the RSI is 43 years old and the data of the Bull Markets Pro and TradingView in early 2023 shows the lowest read value since it started in early 2023.
BTC/USD 1 week chart with RSI data. Source: COINTELEGRAPH/TradingView
The Rekt Capital added that the price does not need to be extended to $ 70,000 to form a long -term floor.
“As a result, the historical daily RSI trend of the migration suggests that everything from the current price to $ 70000 is likely to be the bottom of this crystal.”
The BTC/USD was finally traded at $ 70,000 in early November 2024, and the price level is best known for its all -time high in Bitcoin’s previous bull market.
Macro Trend “Serious bad for Bitcoin”
As reported by COINTELEGRAPH, $ 70,000 is currently a popular goal of correction, and tools such as the lowest price futures indicators have a high probability of supporting the region.
relevant: Black Monday 2.0? 5 things to know in Bitcoin this week
Nevertheless, network economists, Timothy Peterson, are still optimistic about short -term BTC prices.
The US macroeconomic trend warned that this week, BTC/USD can be “easy” to “easily” at $ 70,000.
“It’s seriously bad for Bitcoin,” he wrote in X with the ICE BOFA Us High yield chart.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.
