Bitcoin’s price promotion managed to break more than $ 115,000 After spending the majority of the past two weeks on acting below this level. Bitcoin is Now hold above $ 114,000, and the leading cryptocurrency has returned in the past week that shows signs of renewed bullish strength.
According to technical analysis, a hidden bullish divergence with the recent price action is this week, and this can be the setup that Bitcoin pushes to new price heights.
Bitcoin reveals hidden bullish divergence
Technical analysis of Bitcoin’s weekly candlestick Time Frame -Graphic, it is posted on The social media platform X of crypto analyst Cryptflow shows that Bitcoin could be on schedule to resume his journey of new all time.
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Last week’s end means that Bitcoin has confirmed a higher price In the weekly period after the pullback that started after his August of all time. As shown in the weekly candlestick below, this layer is a higher layer compared to the low of June below $ 100,000.
On the other hand, while the price printed a higher layer, the relative strength index (RSI) placed a lower layer in the same time frame. This mismatch between price and momentum creates what a hidden bullish divergence is called, which is a technical pattern that suggests the bullish continuation.
The weekly candelae diagram that is shared by CryPlow shows that Bitcoin defends an important level of support around $ 114,000 and is now on two bullish weekly candlesticks. According to the analyst, if this divergence is confirmed as expected, it could provide the basis for Bitcoin to push back to a new highlights. At the time of writing, Bitcoin acts 5.7% under the current of all times of $ 124.128.
Stochastic RSI Flips Bullish
The stochastic RSI indicator on the weekly period has just turned bullish, Although the confirmation depends on how Bitcoin closes in the coming sessions. The last time such a Bullish Flip took place at the weekly period was in April, just before Bitcoin started a run that saw the seven consecutive weeks at Bullish prices. A similar play -out could register Bitcoin that at least five Bullish weekly weekly closures will be closed in the coming weeks.
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The upcoming macro -economic events can introduce volatility in the crypto industry, and this is worth keeping an eye on. The Federal Open Market Committee (FOMC) will be on Wednesday and Expectations are high That policymakers will announce an interest rate reduction of 25 basis points or possibly even 50 basic points. An interest reduction can have different effects, and history has shown that this could beHift Investor sentiment towards Bitcoin And other cryptocurrencies with a large cap.
At the time of writing, Bitcoin trades at $ 117,040, which is already playing bullish by increasing by 9% compared to the September.
Featured image of Pixabay, graph of TradingView.com