Can 3-month Bitcoin RSI highs counter bearish BTC price 'seasonality?'

Key Points

  • Bitcoin's RSI signals hint at potential price gains, with daily RSI breaking above the 50 midpoint and retesting it as support.
  • Analysts like Rekt Capital and Kevin Svenson highlight bullish divergence and RSI trends suggesting a long-term price floor around $70,000.
  • Despite positive RSI signals, macroeconomic conditions like the US trade war and risk-asset rout pose challenges to Bitcoin's price performance.
  • April's Bitcoin price performance is noted to be below median, with little expectation for improvement due to current economic factors.

Summary

The article discusses the current state of Bitcoin's price metrics, focusing on the relative strength index (RSI) which has shown signals traditionally associated with the onset of bull runs. Despite Bitcoin's price making lower lows over the past month, the RSI has been trending upwards, indicating a potential bullish divergence. Analysts like Rekt Capital and Kevin Svenson have noted these trends, suggesting a maturing bullish divergence and a possible long-term price floor around $70,000. However, these optimistic signals are countered by macroeconomic realities such as the ongoing US trade war and a general risk-asset sell-off, which could hinder Bitcoin's price growth. The article also mentions that April's Bitcoin price performance has been lackluster, with expectations of continued underperformance due to high interest rates and other economic risk factors. Despite these challenges, some analysts remain hopeful, citing global money supply increases and a weakening US dollar as potential catalysts for future growth.

cointelegraph
April 15, 2025
Crypto
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