After a brief rally, the cryptocurrency market is reconsolidating in what appears to be a constant cycle of good news and bad news for the industry, and Bitcoin (BTC) is no exception, but some technical analysis (TA) indicators are suggesting a drop. A bullish future for the first cryptocurrency.
Bitcoin exhibits ‘extremely bullish signal’ according to analysis!
Specifically, Bitcoin has recently suffered its third Stochastic relative strength index (RSI) bullish crossover on the bi-monthly chart, suggesting an “extremely bullish signal on the macro view” as observed in a February tweet by the pseudonymous crypto analyst Trader Tardigrade. .
The Stochastic RSI is the result of using the Stochastic oscillator formula for a range of RSI values instead of standard price data, giving exchange or cryptocurrency traders the opportunity to compare the closing price of the asset with the price range to predict price reversal points.
According to the chart, the first such transition occurred in mid-2015 and then again in early 2019, both times followed by a strong long-term bullish rally of the flagship decentralized finance (DeFi) asset. This shows that history may indeed repeat itself this time.
Bitcoin Stochastic RSI chart. Source: Merchant Tardigrade
Bitcoin price movements
Meanwhile, at press time, the price of Bitcoin was $23,865, down 2.03%, but also representing a 9.73% increase over the previous seven days and a 12.8% increase from last month. .
Bitcoin 30 day price chart. Source: Finbold
According to information from blockchain and financial data monitoring platform Kaiko, Bitcoin’s correlation with gold reached its highest level in nearly two years last week, indicating that investors are increasingly seeing BTC as a safe haven.
One of them is Robert Kiyosaki, author of the best-selling personal finance book “Rich Dad Poor Dad”, who side-stepped silver and gold as the largest digital asset by market capitalization as an alternative to fiat money.
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