Bitcoin price is showing resilience in the face of adversity and is up nearly 100% from bear market lows. However, it has yet to show signs of an undeniable bull market as it has in the past.
That’s because of just one missing ingredient, according to a new BTCUSD weekly chart.
Bitcoin Bullish Momentum: The Missing Ingredient
When cooking, or especially baking, missing even one ingredient can change the end result of the desired dish or dessert. For example, sweets without any sugar just aren’t that sweet. A prime cut of steak doesn’t quite taste as good if it hasn’t had a proper seasoning and sear.
Similarly, a cryptocurrency bull market without the weekly Relative Strength Index at overbought levels, just simply isn’t a Bitcoin bull run. Historically, Bitcoin reaching oversold conditions has been a requirement for a full-bore bullish impulse. The 1W RSI is currently lacking that key signal appears to be preventing the market from pushing dramatically higher.
Why Overbough
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