Bitcoin’s weekly chart is showing promising signs of strength as the RSI continues to rise, signaling the potential for further upside. However, the battle is not over yet. With the price hovering around the critical support at $107,000, bulls must defend this level to avoid deeper downside pressure.
RSI and price matching: a textbook example of momentum confirmation
In a recent market updateEGRAG CRYPTO wondered if the bulls and bears are even analyzing the same chart, as Bitcoin’s current macro weekly structure shows no signs of bearishness. The broader setup remains solidly bullish, suggesting that the continued price movements are part of a healthy uptrend.
The analyst emphasized that when the price of Bitcoin and the Relative Strength Index (RSI) rise simultaneously on the weekly time frame, it is a confirmation of momentum rather than a warning signal. This alignment often indicates strong buying interest and market conviction, supporting the argument for continued bullish pressure in the short to medium term.
EGRAG CRYPTO further highlighted that the Exponential Moving Average (EMA) ribbon remains supportive, reinforcing the strength of the trend. According to the expert, the current setup is a clear indication of macro confirmation, and not just market noise. Such alignment between indicators typically precedes significant continuation phases, demonstrating that the trend remains well structured and sustainable.
However, the expert added a note of caution, saying traders should only be wary if the RSI climbs into overbought territory above 70, which could indicate a temporary cool-off. For now, with the RSI hovering around 50, Bitcoin still has plenty of room to run. This gives the market a strong technical foundation and significant potential for further upside momentum.
Bitcoin Gets Rejected at $111,000: Bulls Lose Grip on Momentum
According to the latest version of Crypto VIP Signal analysisBitcoin is currently facing challenges after failing to maintain its upward momentum above $111,000. The rejection from this point suggests that selling pressure remains strong, temporarily keeping bullish momentum in check.
Crypto VIP explained that Bitcoin is now retesting the $107,000 support zone, a critical area that could determine the next possible move. Maintaining this level is essential to avoid a deeper pullback as it has served as an important foundation during previous consolidation phases.
However, a decisive break below the $107,000 support would likely lead to additional selling pressure, potentially extending the ongoing correction. It now seems important to keep a close eye on this level as a rebound from here could reignite bullish sentiment, while a downturn could expose Bitcoin to further downside risks in the short term.