Bitcoin Price Soars: Hidden Bullish Divergence Signals New Highs?
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Bitcoin's price has surged above $115,000, exceeding its two-week trading range below this level. This upward momentum is supported by a hidden bullish divergence, a technical pattern indicating continued bullish price action. The weekly candlestick chart shows a higher low in price, while the RSI shows a lower low, creating this divergence. This pattern, coupled with Bitcoin's defense of the $114,000 support level and two consecutive bullish weekly candlesticks, suggests a potential push towards new all-time highs. Further reinforcing this bullish outlook, the weekly stochastic RSI has flipped bullish, mirroring a similar event in April that preceded a seven-week bullish run. However, upcoming macroeconomic events, such as the Federal Open Market Committee (FOMC) meeting, could introduce volatility. An interest rate cut, a possible outcome of the meeting, could positively influence investor sentiment towards Bitcoin, potentially amplifying the bullish trend. Currently, Bitcoin trades at $117,040, showcasing a 9% increase from its September opening, thus far exhibiting bullish continuation. While this analysis paints a positive picture, it's crucial to acknowledge the inherent volatility in the cryptocurrency market.
(Source: https://www.newsbtc.com/news/bitcoin/bitcoin-bullish-above-114000/)
