Amid rising expectations for Bitcoin price increases, the relative strength index (RSI) has reached its highest levels since January. However, the economic situation raises concerns.
The Importance of the RSI Indicator
The RSI indicator traditionally signals the beginning of a bull trend for Bitcoin. Currently, it shows upward trends, setting new highs. Analysts like Rekt Capital note that this indicator suggests a possible new price floor at around $70,000.
Macroeconomic Situation and Market Impact
Bitcoin is currently facing challenging macroeconomic conditions characterized by a trade war in the US and fluctuations in the stock market. The decrease in interest in riskier assets may put pressure on Bitcoin prices. Meanwhile, gold continues to set new records.
Bitcoin's Price Outlook for April
Despite positive signals from the RSI indicator, economists see little reason for optimism. This month is expected to be below average, given high interest rates and potential market risks.
Against the backdrop of conflicting signals from indicators and a complicated macroeconomic environment, Bitcoin's future remains uncertain. Investors are advised to monitor further changes in market conditions.
