dailyhodl.com
A widely followed crypto analyst is identifying where Bitcoin (BTC) may find a bottom amid market turmoil caused by US President Donald Trump’s tariffs.
Crypto strategist Rekt Capital tells his 542,6000 followers on the social media platform X that the Relative Strength Index (RSI) – a technical indicator that signals when an asset’s momentum is due to reverse course – suggests Bitcoin may hold $70,000 as support.
Says Rekt,
“Whenever Bitcoin’s Daily RSI crashed into the sub-28 RSI levels that wouldn’t necessarily mark out the price bottom. In fact, historically, the actual price bottom would be -0.32% to -8.44% lower than the price when the RSI first bottomed. Bitcoin is currently forming its second low -2.79% below the first low. A repeat of -8.44% below the first low would see price bottom at ~$70,000.”
The analyst also says that the first signs of a possible bullish reversal for Bitcoin would be when the flagship crypto asset breaks and holds resistance at $78,550.
“Bitcoin has failed to retest the red $78,550 March lows and it’s possible these lows may figure as new resistance in the future. For price to adopt bullish bias, it would need to reclaim these lows as support to then challenge the downtrend (green).”
The analyst also notes that Bitcoin has entered a trading volume gap on the weekly chart around $70,000, further suggesting that BTC needs to retest that level.
“Bitcoin is experiencing downside continuation after upside wicking into the early March weekly lows (red). Having confirmed this red level as new resistance, BTC is now dropping into the $71,000-$83,000 volume gap to fill this market inefficiency.”
Bitcoin is trading for $77,500 at time of writing, down 1% in the last 24 hours.
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