BTC price recovers from seven-week lows

lupafilotaxia (74)in Project HOPE • 6 days ago

Within the negative behavior and fatalistic appreciations arise favorable contexts or rather new behaviors that return in some way the optimism in the cryptocurrency market, this after the BTC price action recovers from seven-week lows.

In information released by William Suberg it is mentioned that, "Bitcoin's Relative Strength Index (RSI) reading on 4-hour time frames hit its lowest levels since August 2023 - also the last time the BTC/USD pair also gave up bull market support lines as the holder's short-term aggregate cost basis."

On the other hand and according to popular trader Daan Crypto Trades in one of his latest updates on X (formerly Twitter). "Yesterday was the biggest net selling day in Bitcoin in over a year. RSI levels also reached levels not seen in a year."

Daan Crypto Trades also said, "I think that would be a good short-term level to target and see what the market looks like by then. Invalidation is missing the low range at ~USD 59K."

Finally, trader Skew warned of the continued strength of the US dollar - traditionally a headwind for risk assets and cryptocurrencies - and suggested that this would continue in the near term.