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Bitcoin's key momentum metric hints at bullish divergence as BTC clings to $33K

Published 07/02/2021, 11:24 AM
Updated 07/02/2021, 01:00 PM
Bitcoin's key momentum metric hints at bullish divergence as BTC clings to $33K
BTC/USD
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A recent run-down in the Bitcoin (BTC) market faces the prospects of exhaustion before confirming a full-fledged bearish breakdown, so reflects a classic momentum-based oscillator.

Dubbed as Relative Strength Index, or RSI, the indicator measures the speed as well as change of directional price movements. It operates within a set range of numbers—between 0 and 100. The close is RSI to 0, the weaker is the price momentum. Conversely, an RSI reading near 100 reflects a period of strong momentum.

Bitcoin price dips against a rising RSI. Source: TradingView.com, CryptoBirb
Bitcoin anticipates to retest its prevailing channel's support trendline following recent pullback. Source: TradingView.com

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