Bitcoin RSI rebounds above 34 as BTC slips to $63K
Bitcoin (BTC) is trading near $63,000 after a sharp two-week pullback from $75,770. Technical signals are improving: the weekly Relative Strength Index (RSI) has rebounded above 34, forming a rare positive divergence (RSI rising while price falls). Analysts say this suggests selling pressure may be easing, though it does not confirm a full reversal.
The article highlights analyst Michael van de Poppe’s levels. He points to the 200-week simple moving average around $62,000 as a key long-term accumulation/support zone. For bullish confirmation, Bitcoin needs to reclaim the $64,000–$65,000 area. If BTC breaks higher, upside scenarios include $71,500–$73,000, then a push toward $79,000, with the next major resistance near $90,000.
However, downside risks remain. A weekly bear flag pattern is still under pressure. If the bear flag breakdown persists, the measured downside target could move below $50,000, especially if BTC fails to retake the bear flag lower trendline as support.
Traders should watch whether Bitcoin can hold near the 200-week MA (~$62K) and whether RSI strength translates into a decisive reclaim of $64K–$65K. Otherwise, volatility could keep skewing risk toward another leg lower.
Neutral
The news is mixed for trading. On the bullish side, Bitcoin’s weekly RSI rising above 34 while price falls signals positive divergence—similar to rare configurations seen around major lows (the article compares it to the post-FTX aftermath). That can encourage dip-buyers and improve odds of a near-term bounce.
On the bearish side, the weekly bear flag risk still points to downside continuation. If BTC fails to reclaim $64,000–$65,000 and loses the bear flag support structure, the scenario of a measured move below $50,000 becomes plausible. This creates a “range/conditional” market: traders may position for a rebound but must hedge for a breakdown.
Short-term, the reaction likely hinges on whether BTC can hold near the 200-week SMA (~$62,000) and turn $64K–$65K into support. Long-term, sustained recovery would require clearing higher resistances ($71.5K–$73K, $79K, then ~$90K). Until those confirmations arrive, market stability remains uncertain, so the net impact is neutral.