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Bitcoin RSI Hits 38.62 as BTC Price Consolidates Near $108K Support
Bitcoin has been consolidating near the $108,744 support level as the Relative Strength Index (RSI) reaches an oversold reading of 38.62. Despite this bearish momentum, institutional buying pressure and positive regulatory developments have created a fascinating risk-reward scenario for swing traders.
Despite mixed technical signals, the cryptocurrency market has shown remarkable resilience in recent days, with Bitcoin’s price action influenced by various fundamental factors. The news that Eric Trump predicted Bitcoin would reach $1 million has reinforced bullish sentiment among retail investors, while MicroStrategy continues to accumulate Bitcoin.
This accumulation strategy has helped establish a floor around current levels, ensuring that the BTC/USDT pair maintains stability above the critical $108K threshold. Additionally, Tether’s integration with Bitcoin’s RGB protocol is expected to enhance its scalability and privacy features, potentially driving long-term adoption.
On the other hand, El Salvador’s decision to split its 6,274 Bitcoin holdings across 14 separate wallets highlights growing concerns about quantum computing threats to Bitcoin’s cryptographic security. Although this move is purely precautionary, it demonstrates that even Bitcoin-friendly nations are taking potential future risks seriously.
From a technical perspective, Bitcoin traders should monitor the $107,350 support level closely as a break could trigger a more significant correction toward the psychological $105,000 level or potentially push BTC toward the $115,000 resistance zone if the bearish momentum thesis is invalidated.
Source: Blockchain.News
