Bitcoin continues to trade lower than earlier this year, but signs of easing selling pressure are emerging. Experts believe technical indicators might signal a potential trend reversal.
Could Selling Pressure Be Easing?
Market expert Rekt Capital notes a decline in selling volume in the cryptocurrency market, suggesting sellers may be losing momentum. The weekly RSI holding at 44 is seen as a sign that Bitcoin may have reached a price floor.
What Do Technical Indicators Reveal?
An intriguing situation is developing on Bitcoin's daily chart, as RSI is trending upwards despite declining prices. This 'positive divergence' in technical analysis could indicate a trend reversal. If RSI values continue to rise, it might lead to price recovery.
Advice for Bitcoin Traders
In high volatility conditions, traders should focus on risk management and liquidity. Maintaining support levels could attract new buyers, but caution is advised.
Despite signs of easing selling pressure, volatility risk remains. Market participants should monitor trading signals closely and make informed decisions.
