BTC shows bullish divergence similar to FTX collapse, analysis suggests

Bitcoin is exhibiting a bullish divergence pattern similar to the one seen during the FTX collapse, suggesting a potential rebound, Cointelegraph reported. The analysis notes that while BTC's price fell from $75,770 to around $63,000, its weekly Relative Strength Index (RSI) formed a higher low, rebounding from below the oversold level of 30 to its current level of 34. This pattern indicates that selling pressure may be weakening. This is the second such signal to appear on the BTC weekly chart. The first occurred in November 2022, immediately after the FTX collapse, and was followed by a 715% rally from approximately $15,500 to $126,200. Technically, the first price target for Bitcoin is now around $91,755, which aligns with the 50-week simple moving average (SMA).