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Bitcoin may be forming a local bottom as RSI nears oversold and whales open longs, fueling a possible relief rally toward the $100,000\u2013$110,000 zone.<\/p>\n
Bitcoin may be carving out a short-term bottom after weeks of heavy selling, with one market analyst arguing that conditions are in place for a relief rally toward the $100,000\u2013$110,000 range.<\/p>\n
In a recent video, trader Mister Crypto said<\/a> Bitcoin (BTC<\/a>)\u2019s short-term structure shows signs of stabilization following what he described as \u201ccapitulation\u201d across the market. He claimed that indicators tied to trader behavior suggest that large players have begun opening new long positions despite the sentiment plunging into extreme fear territory, a mix that has historically preceded bounces during downturns.<\/p>\n One of the main technical signals cited is the Bitcoin Relative Strength Index (RSI) on the weekly chart, which is app<\/a>roaching the 30 level. \u201cWe have bottomed out for Bitcoin right here. We have been reaching the 30 level. Boom,\u201d he said. <\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n