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Bitcoin (BTC USD) Sees RSI Surge, Indicating Possible Future Bullish Moves

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by Giorgi Kostiuk

11 hours ago

This week, Bitcoin (BTC USD) hit an RSI of 75, aligning it with previous bullish markets. Analyst PlanB makes forecasts based on this data.

Current Bitcoin RSI Level

Bitcoin reached an RSI of 75, often indicating the early stage of overbought conditions during previous bull cycles. PlanB compared current data to past cycles, noting that RSI could rise above 80 in the future.

Dormant Wallet Activation

According to Whale Alert, a wallet holding 3,962 BTC has been reactivated after over 14 years. This wallet had not moved funds since January 2011 when Bitcoin was valued at around $0.30.

Price Outlook and Trader Actions

Some traders believe Bitcoin's rally may continue. Low volatility and the presence of liquidity near current prices increase the likelihood of a short squeeze. However, the return of dormant wallets raises concerns among traders.

The current Bitcoin RSI level remains a key signal that analysts are watching. Future forecasts suggest growth potential, but caution persists due to the activity of long-term holders.

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