Recent market analysis indicates that Bitcoin (BTC) is demonstrating several classic technical indicators typically associated with a market bottom following a period of significant volatility or consolidation. The primary signal noted across major exchanges is a definitive capitulation event characterized by immense selling volume at the recent localized low, which was quickly absorbed by large institutional buyers, leading to significant wick rejection on the daily and weekly charts. Furthermore, the Relative Strength Index (RSI) on the weekly timeframe has printed a bullish divergence, where the price action made a lower low, but the momentum oscillator failed to follow suit, suggesting waning selling pressure. The successful defense of key long-term moving averages, specifically the 200-day and 21-week Exponential Moving Averages (EMAs), solidifies the structural integrity of the recent lows. Should Bitcoin successfully convert the current resistance zone into support, the path becomes increasingly clear for a sustained upward move. The next major psychological and structural target for bulls remains the crucial $101,000 threshold. Reclaiming this significant level would confirm the completion of the current accumulation phase and signal a definitive return to a macroeconomic uptrend, validating the recent bottom signals as confirmation of a new cycle high trajectory.
Source: Bitcoin prints classic bottom signals as BTC nears $101K reclaim
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