Bitcoin weekly RSI hits bull market low as trader sees $70K BTC price bottom

Quick Summary:

Considering where the current bull market correction might end up, the analyst used the relative strength index (RSI) indicator to calculate the potential BTC price downside.“Whenever Bitcoin's Daily RSI crashed into the sub-28 RSI levels - that wouldn't necessarily mark out the price bottom.

Macro trend “seriously bad for Bitcoin”As Cointelegraph reported, $70,000 is a popular target for the current correction, with tools such as the Lowest Price Forward metric giving high odds of that area holding as support.Related: Black Monday 2.0? 5 things to know in Bitcoin this weekIts creator, network economist Timothy Peterson, nonetheless remains downbeat about the short-term BTC price outlook.

Source: Cointelegraph/TradingViewContinuing, Rekt Capital added that the price need not extend to $70,000 in order for a long-term bottom to form.“As a result, historical Daily RSI trends in this cycle suggest anything from current prices to ~$70000 is likely to be the bottom on this correction,” he added.

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Author / Journalist: Cointelegraph by William Suberg

Category: Crypto

Markets: United States

Topics: Bitcoin Mark Market Chart Lowest Price Rekt Bottom Bull Indicator Btc/usd

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-08 @ 21:11:26 (1 weeks ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 512 words

Reading Time: 3 minutes read

Sentences: 21 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27738064

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Main Topics: Crypto

Official Website: cointelegraph.com

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