Since the false breakdown below 30k and back up, BTC has shown signs of an early trend reversal. This week’s close (on Sunday – midnight) is definitely a one to watch closely, as it will likely determine the next major direction for BTC.
The first bullish signal was the low volume close below $30k on July 20th. On-chain data strongly suggested that short-term holders, retailers, and small miners were selling, while larger entities continued to accumulate and hold.
Bullish Momentum Continues Post B-Word Event
Following the B-Word event where prominent figures like Elon Musk spoke, BTC consolidated and successfully retested a near-term downtrend line at $31.7k. Afterward, the primary cryptocurrency started its next push higher.
7-Month Downtrend Finally Broken
The most recent price increase managed to finally push the daily RSI above the 7-month descending trend-line, which started forming in January 2021, confirming a breakout in the Relative Strength Index. This is a very bullish
