Bitcoin at a technical inflection point for upside, analyst says

Bitcoin is showing technical signals on its weekly chart that point to a bullish inflection point, Real Vision crypto market analyst Jamie Coutts said on X. Coutts said a bullish divergence had emerged in the weekly relative strength index, or RSI, and a trend-reversal indicator had shifted from neutral, marked by a yellow zone, to bullish, marked by a green zone. In the six previous instances when this signal appeared, five were followed by a continued uptrend without a correction or retest, Coutts said. Coutts added, however, that global liquidity conditions remain unfavorable despite dollar weakness, and said the U.S. Treasury’s mentioned bond buybacks and whether the Federal Reserve provides policy support would need to follow.