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Bitcoin RSI Recovers, But Breakout Is Needed for Robust Market Reversal
The crypto market has been in a state of turmoil lately, with Bitcoin’s price action creating significant concerns. However, there is a glimmer of hope as the daily RSI readings have started to recover after posting all-time lows. While this uptrend suggests increased momentum, it still hasn’t sparked a full reversal of the trend. To record a strong bounce, Bitcoin needs to break its current daily downtrend.
Rekt Capital notes that Bitcoin’s RSI has recently dipped below the 25 line, entering into oversold conditions. The RSI has since crept higher, signifying a shift in sentiment. However, this price action still hasn’t validated the shift as Bitcoin remains stuck within a downtrend. Rekt observed that for an upmove to occur, Bitcoin’s daily downtrend must be broken.
Furthermore, historical data suggests that RSI rallies are typically followed by reversals but only when the price level breaches key resistance zones. In addition to these indicators, previous price action also serves as an excellent indication of where Bitcoin is headed.
This article highlights a fundamental shift in sentiment, with various technical indicators hinting at an upward momentum surge.
Source: https://cryptonewsland.com/bitcoin-rsi-recover-breakout-need-for-reversal/
