- Bitcoin’s 45-level RSI support previously fueled rallies of 193% and 107%, indicating a possible 64% pump toward the $128K mark.
- The MACD crossover shows bullish momentum, while stable accumulation suggests traders are buying dips, supporting a potential upward move.
- Bitcoin must break $87K and $90K resistance for further gains, with Fibonacci extensions aligning with a target of $128K in this bull run.
The Bitcoin market follows previous bull trends, says @thescalpingpro. The cryptocurrency bounces back to deep lows and technical indicators suggest more upside. Support levels recently seen can trigger a strong rally.
Historical price action and RSI Support
Prominent crypto analyst @thescalpingpro noted that Bitcoin had already dipped to $52,500 and $25,000 lows. In the first test, Bitcoin surged by 193% to $73,100 from $25,000. The second test had a 107% increase to $109,400 from $52,500. The recent test had a low of $76,600.
The 45 level on weekly RSI has served as a good level of support. It has been the location of both recent local bottoms. Holding here, together with reaching the downtrending trendline, can result in a 64% increase in price. The move coincides with the 1.618 level of Fibonacci extension to approximately $128,000.
Technical Indicators and Market Momentum
The MACD shows that the blue line stands at –1,973.65 while that of the signal line stands at –2,678.08. The crossover occurred when the MACD line crossed over the signal line. The MACD histogram recorded a positive value of +704.43. All of these technical indicators suggest a recovery or break-out phase.
The Accumulation/Distribution line stands at approximately 130.17M. This level of stability indicates steady buyer accumulation at price dips. The recent correction did not have much distribution. The technical indicators collectively point to the bullish situation.
Short-Term Outlook and Resistance Levels
After falling from more than $100,000, Bitcoin appears to be making a short-term bottom at $78,000–$80,000. The recent green candles reflect this emerging bullish momentum. The small price bounce increases hopes of more gains. Resistance levels at present stand at $87,000 and $90,000. A break through those levels can see a stronger rally.
At the time of writing, Bitcoin was trading at $86,173.89 with a 24-hour volume of $33,133,862,957. The asset had a 24-hour gain of 2.35% and a 5.48% gain over seven days. Traders will watch keenly to see if the levels of support and resistance will affirm the move up.
