There is a Bitcoin price action I managed to exceed $115,000 After trading below this level for most of the past two weeks. Bitcoin is I’m currently stuck on top $114,000, and the major cryptocurrency have regained momentum over the past week, showing new signs of bullishness.
Technical analysis shows that the bullish divergence that was hidden in recent price action this week has been formed, and this could be the setup that pushes Bitcoin to a new price high.
Bitcoin reveals hidden bullish divergence
Technical analysis of Bitcoin weekly candlestick time frame charts; Posted above Social media platform X by Crypto Analyst Crypflow shows that Bitcoin could be on track to resume its new, greatest journey ever.
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The end of last week means that bitcoin We confirmed that the higher price is lower With a weekly time slot following pullback, which began after the record highs in August. As shown in the weekly candlestick chart below, this low is higher compared to the June minimum below $100,000.
Meanwhile, the price printed higher lows, while the relative strength index (RSI) posted lower lows in the same time frame. This discrepancy between price and momentum creates what is called a hidden bullish divergence. This is a technical pattern that suggests a bullish continuation.
The weekly candlestick chart shared by Crypflow defends Bitcoin’s key support level of around $114,000, and is now on two bullish weekly candlesticks. According to analysts, if this difference is confirmed as expected, it could provide the foundation for Bitcoin to push it to a new high again. At the time of writing, Bitcoin is 5.7% below its current record high of $124,128.
Probabilistic RSI flips bullishness
Probabilistic RSI indicators for weekly time frames I just hit it hard, but However, confirmation will depend on how Bitcoin closes in future sessions. The last time such a bullish flip occurred in the weekly time frame was in April just before Bitcoin began a run that closed it at bullish prices for seven consecutive weeks. In a similar playout, the Bitcoin Register will close at least five bullish weeks in the coming weeks.
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Future macroeconomic events may introduce volatility into the crypto industry, and it is worth noting. The Federal Open Market Committee (FOMC) is scheduled to meet on Wednesday; Expectations are rising The policymakers will announce interest rate cuts of 25 basis points or, in some cases, 50 basis points. Interest rate reductions can have different effects, and history shows that this could be sInvestor sentiment towards Bitcoin Other large cryptocurrencies.
At the time of writing, Bitcoin is trading at $117,040 and is already bullish, with a 9% rise since its opening in September.
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