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Bitcoin‘s (BTC) price surge has excited many investors, and there are signals that the rally will continue gaining momentum. Jan Happel and Yann Allemann, co-founders of blockchain data analysis platform Glassnode, have reported a historical rise signal that has previously led to significant rallies in Bitcoin.
Bitcoin’s Relative Strength Index Gives a Major Breakout Signal
Jan Happel and Yann Allemann, co-founders of Glassnode, stated that Bitcoin has surpassed multiple critical resistance levels and is currently in a position to strengthen its momentum. Analysts have drawn attention to the Relative Strength Index (RSI) of BTC, which is traditionally used to measure the momentum of an asset.
Happel and Allemann said that due to Bitcoin’s RSI currently being above the 70 level, analysts believe that based on the past, BTC may be preparing for a new major upward movement:
We analyzed our proprietary regime change and concluded that we are transitioning from a bearish environment to a bullish one. Our weekly chart view supports this. We have obtained confirmation of a long-term uptrend, momentum is increasing, and it seems to be just the beginning. Take note of when RSI last crossed 70, Bitcoin could explode.
RSI is now starting to enter the overbought zone and can rise towards the 100 level, as is typical in bullish markets. In other words, as long as it continues the uptrend, BTC’s price is likely to move within a strong rally.
Bitcoin Could Pull Back to $32,700 in the Medium Term, According to Analysts
Analysts also warned that BTC has entered somewhat uncharted territory as it challenges levels not seen since last year. According to the co-founders of Glassnode, the price of the largest cryptocurrency could pull back to $32,700 before continuing its upward trend:
It is important to remember that not everything moves only upwards and that we are somewhat in uncharted territory. Therefore, it is crucial to identify critical ranges to determine attractive entry and exit levels.
The short-term support is around $33,700, and the pivot point is at $34,400. However, in the medium term, a retest of the $32,700 – $33,300 level may be observed. Keep in mind that volatility is high, so wicks can be thrown below our current support levels. Bitcoin bulls still have a strong short-term technical advantage as there is an uptrend on the daily timeframe price chart.
