Bitcoin Stochastic RSI Indicators Suggest Growing Bullish Momentum

Bitcoin (BTC) has experienced a notable rise of 14.6% in the last two weeks, climbing from roughly $84,500 on April 18 to the mid-$90,000 range at present. This upward trend indicates that the leading cryptocurrency may be on the verge of achieving a new all-time high, as various technical and momentum signals suggest a strengthening bullish phase.

Bullish Signals in Bitcoin’s Monthly Stochastic RSI

A recent analysis on X by a cryptocurrency expert highlighted a BTC monthly chart showing that the Stochastic Relative Strength Index (RSI) is nearing a bullish crossover.

For those unfamiliar, a bullish crossover in the Stochastic RSI often indicates increasing upward pressure and is commonly seen as a potential buy signal or the onset of a rally. The analyst suggested that if verified, this bullish crossover could trigger the next significant upward movement for BTC.

Further Insights

The analyst referenced past BTC price action, particularly in Q3 2021, where a comparable bullish crossover in the Stochastic RSI preceded a remarkable 56.9% price increase.

However, maintaining essential support levels will be crucial for Bitcoin to sustain this bullish momentum. Another analyst pointed out that BTC might need to test the $95,700 support level before aiming for the $100,000 target.

On the front of resistance, it was highlighted that the $97,530 level is vital to monitor. A successful breakthrough at this point could lead Bitcoin to revisit or potentially exceed its previous all-time high. Currently, Bitcoin’s trading value is approximately 10% lower than its highest recorded price.

Future Predictions for BTC

Another analyst, Rekt Capital, shared his insights on the prospective path for BTC. In a recent post on X, he indicated that a decisive break past the $97,000–$99,000 range could result in resistance near $104,500. He emphasized the importance of maintaining support in the $97,000–$99,000 range to facilitate upward momentum for BTC.

Additional Insights

Another expert noted that BTC is currently experiencing a Wyckoff accumulation phase. He suggested that the drop below $76,000 in early April is likely the recent low for this market cycle. He remarked:

The analysis of the Wyckoff accumulation pattern suggests that the $96K-$99K zone could serve as resistance. I anticipate that BTC may stabilize in this area for a few days before ultimately breaking upward.

Despite the prevailing bullish sentiment, there are lingering concerns. Analysts warn that Bitcoin may not experience a genuine supply shock in the near term, potentially limiting its upward potential. At the current moment, BTC is valued at $97,142, reflecting a 0.9% increase in the last 24 hours.