Glassnode Analysts Identify Bullish Signal for Bitcoin
Bitcoin (BTC) has reached a point of strengthening momentum after breaking multiple critical resistance levels, according to Glassnode analysts. The analysts highlight Bitcoin’s relative strength index (RSI), which indicates an asset’s momentum. With Bitcoin’s RSI currently above 70, the analysts suggest that based on historical data, BTC could be poised for another significant upward movement.
According to the analysts, the RSI is becoming overbought and may rise towards the 100 mark, which is typical in bullish markets. As long as Bitcoin sustains its uptrend, the price is likely to continue its rally.
BTC Navigates Uncharted Territory
Glassnode warns that Bitcoin is entering uncharted territory as it approaches ranges not seen since last year. The co-founders suggest that BTC may reach $32,700 before continuing higher. Defining critical ranges will be crucial for identifying attractive entry and exit levels.
Short-term support is forming around $33,700, with a pivot point at $34,400. In the mid-term, a retest of the $32,700 – $33,300 level may occur. However, volatility remains high and wicks below current support levels are possible. Despite this, BTC bulls maintain a solid near-term technical advantage.
Bitcoin Trading at $35,142
As of now, Bitcoin is trading at $35,142.
Hot Take: Glassnode Sees Bullish Momentum for Bitcoin
Glassnode analysts have identified a historically bullish signal for Bitcoin based on its relative strength index (RSI). With the RSI above 70, Bitcoin could be on track for another significant move upwards. However, BTC is entering uncharted territory and may face resistance at $32,700 before continuing higher. Defining critical ranges will be essential for navigating this volatile market. Currently trading at $35,142, Bitcoin’s near-term technical advantage remains strong. Overall, Glassnode sees bullish momentum for Bitcoin and suggests that the rally may continue as long as the uptrend is sustained.
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