Key points:
Bitcoin begins to find a local floor, with analysis highlighting several key lines in the sand.
RSI signals demand upside continuation as longer timeframes remain in doubt.
The Fed rate-cut decision begins to show in cooling US stocks’ performance.
Bitcoin (BTC) tested key resistance on Tuesday, with traders bullish on BTC price upside.
BTC/USD four-hour chart. Source: Cointelegraph/TradingView
Bitcoin price teases new highs next
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin acting around $114,000.
After an impressive weekly close, BTC/USD consolidated gains during Monday’s Wall Street trading session.
Trader and analyst Rekt Capital noted two important support levels for bulls to reclaim: the 21-week exponential moving average (EMA) at $111,200 and $114,500 weekly close.
“Bitcoin has successfully Weekly Closed above both the 21-week EMA (green) and $114.5k (black),” he told X followers alongside a chart.
“Both $114.5k & EMA could get retested to confirm a reclaim to support. $BTC could achieve this via a volatile retest of $114.5k, wicking into the EMA below.”BTC/USD one-week chart. Source: Rekt Capital/X
Rekt Capital subsequently confirmed that the required retest was now “in progress.”
“$BTC bounced back from its $113,500 support zone,” crypto investor and entrepreneur Ted Pillows added on the day.
“As long as Bitcoin holds this, we are going higher. If BTC loses this level, expect a correction towards the $110,000 level.”BTC/USDT one-day chart. Source: Ted Pillows/X
Furthering the bulls’ cause was a hidden bullish divergence playing out on the low-time frame relative strength index (RSI).
The hourly chart showed RSI making a lower low while price sealed a potential higher low — an early signal that a short-term uptrend could continue.
As Cointelegraph reported, the higher-time frame RSI indicates trend exhaustion, with the indicator making successive lower highs while the price sets records.
BTC/USD one-hour chart with RSI data. Source: Cointelegraph/TradingView
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