Bitcoin Shows Promise Amid Bullish Signals

Widely followed crypto analyst Rekt Capital claims that Bitcoin (BTC) is showing bullish signs after retesting range lows.

The pseudonymous trader informs his 537,300 followers on the social media platform X that Bitcoin displays bullish divergence on the daily chart.
Bullish divergence, which indicates a potential price increase, transpires when asset prices make lower lows while indicators like the Relative Strength Index (RSI), a momentum oscillator, record higher lows.

> “Early signs of the bullish divergence playing out. However, for BTC to transition into trend continuation and the bullish divergence to fully mature, BTC will need to reclaim $97,700 (light blue) as support. Watching for a daily close above ~$97,700 and a retest.”


The analyst further states that Bitcoin remains in an uptrend after forming a bull flag pattern on the monthly chart. A bull flag is typically interpreted as a bullish pattern that indicates consolidation before potential new rallies.

> “The Bitcoin post-breakout retest of the monthly bull flag is successful thus far. Price is performing the key technical steps to fully confirm the bull flag breakout so as to set itself up for trend continuation going forward. ~$96,700 needs to hold.”


Lastly, Rekt Capital mentions that Bitcoin may be preparing for a breakout after maintaining the $93,500 level as support on the weekly chart.

> “Most recently, Bitcoin downside wicked into the weekly range low support at ~$93,500 (green) and has since rebounded. Bitcoin is just consolidating inside its re-accumulation range between $93,500 and $104,000.”


Bitcoin is currently trading at $97,619, up 1.6% in the last 24 hours.

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