Technical data points to potential Bitcoin growth based on RSI support levels and other indicators.
Historical Price Action and RSI Support
Crypto analyst @thescalpingpro noted that Bitcoin hit lows of $52,500 and $25,000. There were increases of 193% to $73,100 and 107% to $109,400. The latest test was at a low of $76,600. The 45 level on weekly RSI serves as support for local bottoms and could lead to a 64% price increase.
Technical Indicators and Market Momentum
MACD shows a crossover where the MACD line crossed the signal line, recording a +704.43 value in the histogram. This suggests a recovery phase. The accumulation/distribution line stood at 130.17M, indicating stable buyer accumulation at dips.
Short-Term Outlook and Resistance Levels
Following a drop from over $100,000, Bitcoin appears to form a short-term bottom at $78,000–$80,000. The small price bounce raises hopes for further gains. Current resistance is at $87,000 and $90,000, and breaking through these could spark a stronger rally.
Investors are watching support and resistance levels closely for signs of Bitcoin's further upward movement.
