Bitcoin Weekly RSI hit the Bull Market low as the businessman sees $ 70k BTC price below
Bitcoin (Btc) has a new $ 70,000 target returning -viewed as a leading indicator sets new lows market lows.
In X review On April 7, the popular businessman and analyst Capital rectaled that the BTC/USD could find its floor near old hours high from 2021.
History suggests $ 70,000 must finish BTC Dip Price
Bitcoin can dip less than $ 70,000 before recovering and still keeping within historical standards, says Rekt Capital.
Considering where the current correction of the bull market can end, the analyst used the Index (RSI) indicator (RSI) to calculate BTC’s potential price.
“Whenever Bitcoin’s RSI -RSI falls on SUB -28 RSI levels -No need to mark the bottom of the price. In fact, historically, the actual bottom of the price will be -0.32% to -8.44% less than the price when the RSI first drops,” he explained.
“Bitcoin currently constitutes a second low -2.79% below the first low. A repeat -8.44% below the first low will see the bottom price at ~ $ 70000.”
BTC/USD 1-day chart with RSI data. Source: Rek Capital/X.
RSI is a Classic example of a leading indicator, printing signals often preceded the major changes in the BTC price trend. Regardless of the timeframe used, 30, 50 and 70 levels of RSI are of particular importance. A mark below 30 represents the “oversold” conditions, while 70 is the sand line for “over -thinking.”
Currently, the sunny RSI measures around 38, which has been rejected at 50. In the weekly chart, the RSI has been at 43, marked its lowest reading since the start of the bull market in early 2023, data from the Cointelegraph Markets Pro and Tradingview Confirmed.
BTC/USD 1-week chart with RSI data. Source: Cointelegraph/TradingView
Continuing, Rekt Capital added that the price No need to expand to $ 70,000 to form a lasting bottom.
“As a result, RSI -day -to -day -day -to -day -day -to -day -to -cycle suggests any from current prices up to ~ $ 70000 is likely to be the bottom of this correction,” he added.
BTC/USD last exchanged for $ 70,000 in early November 2024, while the price level was better known as being around the whole time from Bitcoin’s Previous Bull Market that ended three years before.
Macro trend “seriously bad for bitcoin”
Number Cointelegraph reported$ 70,000 is a popular target for current correction, with tools such as Lowest price forward The measurement that provides high odds of the area holding support.
Related: Black Monday 2.0? 5 things to know in bitcoin this week
Its creator, network economist Timothy Peterson, however remains downbeat about short -term BTC price insights.
US macroeconomic trends, he warned This week, it can “easily” send BTC/USD to the $ 70,000 mark.
“Seriously bad for Bitcoin,” he wrote to X in conjunction with a high yield chart of Ice Bofa US.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
