Bitcoin may turn bullish as RSI signals potential breakout

Crypto analyst Rekt Capital suggests Bitcoin could shift bullish if its Relative Strength Index (RSI) breaks a long-standing downtrend, according to The Daily Hodl. The daily RSI has acted as resistance since November 2023, and a breakout could precede a price reversal. Bitcoin’s RSI recently bounced from oversold levels, historically a signal of seller exhaustion and potential upward momentum. Rekt Capital also notes that Bitcoin’s current 29% retracement is in line with past market cycles, making it a typical correction rather than an anomaly.