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A technical indicator named Chande Momentum Oscillator (CMO) is signaling a potential price reversal for Bitcoin.
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$BTC could soar to $57,500 and $65,000 in the coming days.
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$BTC’s RSI has formed a bullish divergence on a daily timeframe, indicating a potential price reversal.
After experiencing a significant price decline of 10% in the past two days, Bitcoin ($BTC) is now poised for a price reversal, as shared by a crypto expert. On September 7, 2024, a crypto expert and a trader made a post on X (previously Twitter) that the technical indicator named Chande Momentum Oscillator (CMO) is signaling a potential price reversal for Bitcoin.
Expert Hints Price Reversal for Bitcoin
After hitting an all-time high of $73,777 in March 2024, $BTC has been moving in a descending channel pattern since then. The trader noted that whenever $BTC reaches the lower level of the channel pattern, the technical indicator CMA touches its rebound triggering zone and $BTC’s price starts to recover and rally significantly.
Based on the historical price momentum, there is a high chance that $BTC could soar to $57,500 and $65,000 in the coming days.
Current Price Momentum
At press time, $BTC is trading near the $54,480 level and has experienced a modest 0.8% price surge in the last 24 hours. Meanwhile, its trading volume has dropped by 25% during the same period, indicating lower participation from traders due to the recent market sell-off.
Whereas, $BTC’s open interest has remained stable for the last 24 hours. However, it has been steadily declining since September 3, 2024, indicating a decrease in traders interest.