Bitcoin’s Relative Strength Index (RSI) has broken out from a seven months downtrend for the first time today.⁠
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Bitcoin’s Relative Strength Index (RSI) has broken out from a seven months downtrend for the first time today.⁠

As can be seen above, the RSI has been making lower highs, but now upside momentum has gone up high enough to break the trend of lower highs in momentum, creating a local higher high.⁠

That’s a potential indicator that there has been some bullish strength on display recently after bitcoin briefly dipped below $30,000 for the third time.⁠

Bitcoin spent precisely 24 hours below $30,000, to then rise up more than 10% to currently above $32,000.⁠

The big question is whether that’s just the beginning of further legs up, or whether it turns downwards again to go below $28,000.⁠

This RSI breakout suggests the former is more likely with bitcoin ranging for the past two months since May when it first reached these levels.⁠

Any upwards movement therefore may be slow and cautious as bulls need to build up some confidence by maintaining ground and gradually moving up if this breakout plays out.⁠

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