Analyst: The daily RSI indicator of Bitcoin shows a significant bullish divergence signal

2024-07-07 23:05:58

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ChainCatcher news, according to Cointelegraph, CoinGlass data shows that as of the time of writing, $58,018 is the level attracting the most liquidity for Bitcoin, with its price eroding the buy support below $57,000.

Additionally, from July 4 to 5, the total liquidation of Bitcoin bulls exceeded $220 million. Subsequently, shorts experienced liquidations over the weekend, with trader Daan Crypto Trades noting that some short positions were closed when Bitcoin reached a local high of $58,500.

Moreover, analysts are seeing encouraging signals from the daily timeframe's Bitcoin Relative Strength Index (RSI), including bullish divergence. Analyst Wolf posted on X, stating, "My initial bearish target was $52,000, but it seems the bulls might be one step ahead of me. The daily RSI has shown a clear bullish divergence, and the expanding wedge pattern further increases investor interest."

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